FX.co ★ AUD/USD bouncing perfectly towards profit target, remain bullish

Price has bounced off our buying level absolutely perfectly and is on track to our profit target. We remain bullish with price making a bullish exit of a long-term descending resistance-turned-support line. The goal is to buy above 0.7514 support (Fibonacci retracement, horizontal overlap support) for a further push up to 0.7587 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) has similarly made a bullish exit signalling that a change in momentum is now occurring on AUD/USD.

Buy above 0.7514. Stop loss at 0.7467. Take profit at 0.7587.