AUDUSD bottoming out! Short term reversal incoming!

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Price tested recent swing low and 78.6% Fibonacci retracement. A short term bounce above 1st support at 0.77066 towards 50% Fibonacci retracement and 1st resistance at 0.77417 can be expected. Stochastic is testing support where price reacted in the past as well.

Trading Recommendation

Entry: 0.77066

Reason for Entry:

78.6% Fibonacci retracement and recent swing low support

Take Profit: 0.77417

Reason for Take Profit:

50% Fibonacci retracement and graphical overlap resistance

Stop Loss: 0.76877

Reason for Stop Loss:

Horizontal swing low support

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