Price has formed a really nice 5-wave movement going down. This is the first sign of a good bullish bounce. We look to buy above 0.7383 support (Fibonacci retracement, horizontal overlap support, bullish divergence) for a bounce up towards 0.7461 resistance (Fibonacci retracement, Elliott wave theory, horizontal pullback resistance).Stochastic (55,5,3) is seeing major support above the 4% level where we expect a bounce from. We can also see bullish divergence vs price signalling that a bounce is impending.Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a rise on AUD/USD and a drop on NZD/USD, hence it is best to exercise caution on this trade.
Buy 0.73463. Stop loss at 0.73058. Take profit at 0.75091.
Buy 0.73463. Stop loss at 0.73058. Take profit at 0.75091.
トレード稼働中
