AUDUSD testing major support, remain bullish
Buy above 0.7423. Stop loss at 0.7397. Take profit at 0.7510.
Reason for the trading strategy (technically):
Price has started to bounce up really nicely. We remain bullish above 0.7423 support (Fibonacci retracement, horizontal swing low support, bullish divergence) for a push up to at least 0.7510 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above the 5.1% where stochastic is bouncing up nicely from and also sees bullish divergence versus price signalling that a bounce is impending.
Reason for the trading strategy (technically):
Price has started to bounce up really nicely. We remain bullish above 0.7423 support (Fibonacci retracement, horizontal swing low support, bullish divergence) for a push up to at least 0.7510 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above the 5.1% where stochastic is bouncing up nicely from and also sees bullish divergence versus price signalling that a bounce is impending.