FX.co ★ AUD/USD on major support, prepare to buy

Price is now testing major support at 0.7456 (Fibonacci extension, Elliott wave theory) and we expect to see a bounce above this level to at least 0.7520 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support above the 7% level where we expect a bounce from.

Buy above 0.7456. Stop loss at 0.7434. Take profit at 0.7520.