FX.co ★ AUD/USD is approaching major support, prepare for a bounce

Price is approaching major support at 0.7731 (Fibonacci extension, Fibonacci retracement, horizontal overlap support), and a strong bounce from this level would push the price up towards the 0.7986 resistance (Fibonacci retracement, horizontal swing high resistance). We have to be careful about intermediate resistance at 0.7890 too.

Stochastic (34,5,3) is seeing major support at 0.4% where a corresponding bounce could occur.

Buy above 0.7731. Stop loss at 0.7633. Take profit at 0.7986.