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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/USD profit target reached, remain bullish for a further push up

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: 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 so it is best to exercise caution on these trades.

Buy above 0.7377. Stop loss at 0.7334. Take profit at 0.7441.

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