AUDUSD is above strong support, remain bullish
AUDUSD has made a bullish exit and is hovering over a strong support area, great opportunity to go long.
Buy above 0.7837. Stop loss at 0.7776. Take profit at 0.7983.
Reason for the trading strategy (technically):
Price is hovering nicely above major support at 0.7837 (Fibonacci retracement, horizontal pullback support, ichimoku cloud, ascending support) and a bounce can push us up to at least 0.7983 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (55) sees that we’ve made a bullish exit of our long term descending resistance line and our short term ascending support is holding our momentum up really nicely.
Buy above 0.7837. Stop loss at 0.7776. Take profit at 0.7983.
Reason for the trading strategy (technically):
Price is hovering nicely above major support at 0.7837 (Fibonacci retracement, horizontal pullback support, ichimoku cloud, ascending support) and a bounce can push us up to at least 0.7983 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (55) sees that we’ve made a bullish exit of our long term descending resistance line and our short term ascending support is holding our momentum up really nicely.