AUDUSD approaching profit target, prepare to buy
Buy above 0.7868. Stop loss at 0.7793. Take profit at 0.7974.
Reason for the trading strategy (technically):
Price has continued to drop nicely towards our profit target. We prepare to buy above 0.7868 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement) for a push up to at least 0.7974 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing downside potential before our major support at 2.9% where we expect a bounce from.
Reason for the trading strategy (technically):
Price has continued to drop nicely towards our profit target. We prepare to buy above 0.7868 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement) for a push up to at least 0.7974 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing downside potential before our major support at 2.9% where we expect a bounce from.