EURAUD Approaching Support, Prepare For A Bounce
Buy above 1.5879. Stop loss at 1.5839. Take profit at 1.5976.
Reason for the trading strategy (technically):
EURAUD is approaching its support area at 1.5879 (61.8% Fibonacci extension, 100% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, pushing price up all the way to its resistance at 1.5976 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 5.49% where we expect to see a corresponding bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.
Reason for the trading strategy (technically):
EURAUD is approaching its support area at 1.5879 (61.8% Fibonacci extension, 100% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, pushing price up all the way to its resistance at 1.5976 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 5.49% where we expect to see a corresponding bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.