Forex Trading News & Analysis

AUD/USD dropping perfectly to our profit target, prepare to buy

The price has dropped perfectly from our selling area and is fast approaching our profit target. We prepare to buy above major support at 0.7874 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a bounce up to at least 0.7928 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing major support above 11% where we expect a further bounce from.

Buy above 0.7874. Stop loss is at 0.7857. Take profit is at 0.7928.

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