AUDUSD Weekly View: Profit target reached perfectly, go bullish
Buy above 0.7520. Stop loss at 0.7440. Take profit at 0.7730.
Reason for the trading strategy:
Price dropped perfectly as expected and reached our profit target. We now turn bullish above 0.7520 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7730 (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees long term ascending support holding price up.
Stochastic (21,5,3) sees long term support at 2.5% holding price up too.
Reason for the trading strategy:
Price dropped perfectly as expected and reached our profit target. We now turn bullish above 0.7520 support (Fibonacci retracement, horizontal overlap support) for a push up to 0.7730 (Fibonacci extension, horizontal swing high resistance).
RSI (34) sees long term ascending support holding price up.
Stochastic (21,5,3) sees long term support at 2.5% holding price up too.
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