GBPAUD Approaching Support, Prepare For A Bounce!
Buy above 1.7274.
Stop loss at 1.7087.
Take profit at 1.7571.
Reason for the trading strategy (technically):
GBPAUD is approaching its support at 1.7274 (61.8% Fibonacci extension 50% & 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce up to its resistance at 1.7571 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.712% where a corresponding bounce could occur.
Stop loss at 1.7087.
Take profit at 1.7571.
Reason for the trading strategy (technically):
GBPAUD is approaching its support at 1.7274 (61.8% Fibonacci extension 50% & 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce up to its resistance at 1.7571 (38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 1.712% where a corresponding bounce could occur.