FX.co ★ AUD/USD profit target reached perfectly, time to start selling

Price has bounced up perfectly and has reached our profit target once again. We prepare to sell below 0.7549 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, descending resistance) for a drop to at least 0.7490 support (Fibonacci retracement, horizontal pullback support).

Stochastic (55,5,3) is seeing major resistance below the 97% level where we expect a drop from.

Strong positive correlation of +0.97 with NZD/USD which is also expecting a bearish move increases our conviction on this trade.

Sell below 0.7549. Stop loss at 0.7588. Take profit at 0.7490.