AUDUSD Weekly View: Bouncing nicely, remain bullish
Buy above 0.7600. Stop loss at 0.7510. Take profit at 0.7790.
Reason for the trading strategy:
Price is bouncing nicely above our buying entry from last week. This week we remain bullish above 0.7600 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7790 resistance (Fibonacci extension, Horizontal resistance).
RSI (34) is seeing support at the 53% level which would hold price up.
Reason for the trading strategy:
Price is bouncing nicely above our buying entry from last week. This week we remain bullish above 0.7600 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7790 resistance (Fibonacci extension, Horizontal resistance).
RSI (34) is seeing support at the 53% level which would hold price up.
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