AUD/USD on major support, time to start buying

Price is seeing major support above 0.7578 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level for a rise all the way up to 0.7631 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (21,5,3) I seeing strong support above 8.3% where we expect it to bounce correspondingly with price.

Correlation analysis: AUD/USD and NZD/USD are both expecting bounces.

Buy above 0.7578. Stop loss at 0.7558. Take profit at 0.7631.


The material has been provided by InstaForex Company -