AUDUSD approaching profit target nicely, prepare to buy
Buy above 0.7537. Stop loss at 0.7496. Take profit at 0.7629.
Reason for the trading strategy (technically):
Price has continued its drop perfectly towards our profit target. We look to buy above major support at 0.7537 (Fibonacci extension, horizontal swing low support) for a push up to at least 0.7629 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,3,1) is seeing support above 1.3% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has continued its drop perfectly towards our profit target. We look to buy above major support at 0.7537 (Fibonacci extension, horizontal swing low support) for a push up to at least 0.7629 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,3,1) is seeing support above 1.3% where we expect a corresponding bounce from.