AUD/USD bouncing up nicely as expected, remain bullish for a further rise

The price continues to rise nicely from our buying area, having made a bullish exit of its descending resistance-turned-support line. We remain bullish looking to buy on dips above 0.7628 major support (Fibonacci extension, horizontal swing low support, Long term Fibonacci retracement, bullish divergence) for a push up to at least 0.7730 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,3,1) is rising nicely with good upside potential. Bullish divergence vs the price also signals that a reversal is in progress.

Buy above 0.7628. Stop loss is at 0.7556. Take profit is at 0.7730.


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