AUDUSD above major support, remain bullish
Buy above 0.7696. Stop loss at 0.7643. Take profit at 0.7780.
Reason for the trading strategy (technically):
Price has bounced up really nicely above our support from yesterday. We now remain bullish above support at 0.7696 (Fibonacci retracement, horizontal pullback support, breakout level) where we expect a further push up to 0.7780 resistance (swing high resistance, Fibonacci projection). We also tighten our stop loss to 0.7643 to protect our profits.
RSI (34) is seeing ascending support holding price up really nicely.
Reason for the trading strategy (technically):
Price has bounced up really nicely above our support from yesterday. We now remain bullish above support at 0.7696 (Fibonacci retracement, horizontal pullback support, breakout level) where we expect a further push up to 0.7780 resistance (swing high resistance, Fibonacci projection). We also tighten our stop loss to 0.7643 to protect our profits.
RSI (34) is seeing ascending support holding price up really nicely.