AUDUSD has broken out of our long term descending resistance-turned-support line and looks poised to rise further.
Buy above 0.7838. Stop loss at 0.7805. Take profit at 0.7894.
Reason for the trading strategy (technically):
Price has made a bullish exit of long term descending resistance-turned-support and we look to buy above major support at 0.7838 (Fibonacci retracement, Horizontal overlap support, bullish exit) for a push up to at least 0.7894 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
RSI (55) has made a similar bullish exit signalling that a change in momentum from bearish to bullish is happening.
Buy above 0.7838. Stop loss at 0.7805. Take profit at 0.7894.
Reason for the trading strategy (technically):
Price has made a bullish exit of long term descending resistance-turned-support and we look to buy above major support at 0.7838 (Fibonacci retracement, Horizontal overlap support, bullish exit) for a push up to at least 0.7894 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
RSI (55) has made a similar bullish exit signalling that a change in momentum from bearish to bullish is happening.