AUDUSD right on major support, prepare to buy for a bounce
Buy above 0.7969. Stop loss at 0.7911. Take profit at 0.8066.
Reason for the trading strategy (technically):
Price is now testing major support at 0.7969 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level for a rise at least to 0.8066 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) is seeing pullback support to our descending resistance-turned-support line and we expect to see it make a bounce off from here similarly to the bounce we’re expecting on price.
Reason for the trading strategy (technically):
Price is now testing major support at 0.7969 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level for a rise at least to 0.8066 resistance (Fibonacci extension, horizontal swing high resistance).
RSI (34) is seeing pullback support to our descending resistance-turned-support line and we expect to see it make a bounce off from here similarly to the bounce we’re expecting on price.