We are seeing price test a key support level at 0.7264 (Fibonacci retracement, horizontal overlap support) and the plan is to play the bounce up to 0.7317 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action).
RSI (34) sees an ascending support line holding up price really well. We remain bullish as it is right on pullback support.
Correlation analysis: AUD/USD and NZD/USD are both expecting bounces.
Buy above 0.7264. Stop loss at 0.7243. Take profit at 0.7317.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
We are seeing price test a key support level at 0.7264 (Fibonacci retracement, horizontal overlap support) and the plan is to play the bounce up to 0.7317 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action).
RSI (34) sees an ascending support line holding up price really well. We remain bullish as it is right on pullback support.
Correlation analysis: AUD/USD and NZD/USD are both expecting bounces.
Buy above 0.7264. Stop loss at 0.7243. Take profit at 0.7317.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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