Buy above 0.7242.
Stop loss at 0.7213.
Take profit at 0.7296.
Reason for the trading strategy (technically):
AUDUSD is approaching its support at 0.7242 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7296 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
Stop loss at 0.7213.
Take profit at 0.7296.
Reason for the trading strategy (technically):
AUDUSD is approaching its support at 0.7242 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.7296 (horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
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