FX.co ★ AUD/USD remains bullish above strong support

AUD/USD is now testing the major support at 0.7332 (Fibonacci extension, Elliott wave theory) and we expect a bounce above this level to at least 0.7426 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (55,5,3) is seeing major support above the 4% level from which we expect a bounce.

Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We expect the both pairs to rise.

Buy above 0.7332. Set stop loss at 0.7290 and take profit at 0.7426.