AUDUSD approaching profit target, prepare to buy
Buy above 0.7854. Stop loss at 0.7834. Take profit at 0.7897.
Reason for the trading strategy (technically):
Price has dropped perfectly towards our profit target and is fast approaching it. We prepare to buy above major support at 0.7854 (Fibonacci extension, horizontal swing low support) for a push up to at least 0.7897 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing nice support above 8.5% where we expect a bounce from.
Reason for the trading strategy (technically):
Price has dropped perfectly towards our profit target and is fast approaching it. We prepare to buy above major support at 0.7854 (Fibonacci extension, horizontal swing low support) for a push up to at least 0.7897 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing nice support above 8.5% where we expect a bounce from.