AUDUSD profit target reached, remain bullish for a further push
Buy above 0.7377. Stop loss at 0.7334. Take profit at 0.7441.
Reason for the trading strategy (technically):
Price has bounced up and reached our profit target perfectly. We prepare to buy above 0.7377 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 0.7441 resistance (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory).
Stochastic (34,5,3) has made a bullish exit and sees further upside potential.
Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move together. We are expecting a rise on AUDUSD and a drop on NZDUSD so it is best to exercise caution on these trades.
Reason for the trading strategy (technically):
Price has bounced up and reached our profit target perfectly. We prepare to buy above 0.7377 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 0.7441 resistance (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory).
Stochastic (34,5,3) has made a bullish exit and sees further upside potential.
Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move together. We are expecting a rise on AUDUSD and a drop on NZDUSD so it is best to exercise caution on these trades.