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Intro: AUDUSD has bounced up nicely since yesterday, however we’re expecting a drop to our major support area first before another stronger bounce.
Buy above 0.7731. Stop loss at 0.7633. Take profit at 0.7986.
Reason for the trading strategy (technically):
Price has made a small recovery overnight. We’re expecting price to drop today towards our major support at 0.7731 ( Fibonacci extension , Fibonacci retracement , horizontal overlap support) where a strong bounce from this level would push price up towards 0.7986 resistance ( Fibonacci retracement , horizontal swing high resistance). We have to be careful about intermediate resistance at 0.7890 too.
Stochastic (34,5,3) is seeing major support at 0.4% where it is starting to bounce nicely from.
Buy above 0.7731. Stop loss at 0.7633. Take profit at 0.7986.
Reason for the trading strategy (technically):
Price has made a small recovery overnight. We’re expecting price to drop today towards our major support at 0.7731 ( Fibonacci extension , Fibonacci retracement , horizontal overlap support) where a strong bounce from this level would push price up towards 0.7986 resistance ( Fibonacci retracement , horizontal swing high resistance). We have to be careful about intermediate resistance at 0.7890 too.
Stochastic (34,5,3) is seeing major support at 0.4% where it is starting to bounce nicely from.