AUDUSD remain bullish above major support
Buy above 0.7655. Stop loss at 0.7603. Take profit at 0.7780.
Reason for the trading strategy (technically):
We remain bullish above long term support as 0.7655 (Fibonacci retracement, long term ascending support) for a push up to 0.7780 resistance (long term resistance). We watch RSI closely to ensure we are not being faked out by a bearish exit.
RSI (34) is seeing support above the 45% level. Only a break of this support level would be the precursor to a bearish move being seen.
Reason for the trading strategy (technically):
We remain bullish above long term support as 0.7655 (Fibonacci retracement, long term ascending support) for a push up to 0.7780 resistance (long term resistance). We watch RSI closely to ensure we are not being faked out by a bearish exit.
RSI (34) is seeing support above the 45% level. Only a break of this support level would be the precursor to a bearish move being seen.
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