AUDUSD profit target reached perfectly, prepare to buy
Buy above 0.7794. Stop loss at 0.7748. Take profit at 0.7868.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and reached our profit target. We prepare to buy above major support at 0.7794 (Fibonacci extension, horizontal swing low support) for a bounce up to at least 0.7868 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 2.9% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and reached our profit target. We prepare to buy above major support at 0.7794 (Fibonacci extension, horizontal swing low support) for a bounce up to at least 0.7868 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing strong support above 2.9% where we expect a corresponding bounce from.