AUDUSD has bounced perfectly from our buying level, still has good upside potential.
Buy above 0.7781. Stop loss at 0.7752. Take profit at 0.7887.
Reason for the trading strategy (technically):
Price had bounced above our buying level perfectly yesterday and is rising towards our profit target. We see immediate resistance at 0.7833 (Fibonacci retracement, horizontal overlap resistance) which needs to be broken to trigger a further rise towards our next major resistance at 0.7787 (Fibonacci retracement, horizontal overlap resistance). Our major support remains at 0.7781 (Fibonacci retracement, horizontal overlap support, breakout level).
RSI (55) has made a bullish exit and is also seeing intermediate support hold it up really nicely.
Buy above 0.7781. Stop loss at 0.7752. Take profit at 0.7887.
Reason for the trading strategy (technically):
Price had bounced above our buying level perfectly yesterday and is rising towards our profit target. We see immediate resistance at 0.7833 (Fibonacci retracement, horizontal overlap resistance) which needs to be broken to trigger a further rise towards our next major resistance at 0.7787 (Fibonacci retracement, horizontal overlap resistance). Our major support remains at 0.7781 (Fibonacci retracement, horizontal overlap support, breakout level).
RSI (55) has made a bullish exit and is also seeing intermediate support hold it up really nicely.