AUDUSD profit target reached perfectly, time to play the bounce
Buy above 0.7794. Stop loss at 0.7759. Take profit at 0.7868.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target. We prepare to buy above major support at 0.7794 (Fibonacci extension, horizontal swing low support, bullish divergence) for the bounce to at least 0.7868 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,3,1) is seeing major support above 0.8% and we can also see bullish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target. We prepare to buy above major support at 0.7794 (Fibonacci extension, horizontal swing low support, bullish divergence) for the bounce to at least 0.7868 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,3,1) is seeing major support above 0.8% and we can also see bullish divergence vs price signalling that a reversal is impending.