FX.co ★ AUD/USD forming a nice bullish reversal, time to start buying

Price is bouncing up nicely above major support at 0.8001 (Fibonacci retracement, fibonacci extension, bullish divergence) and we expect a strong bounce from this level to push price up to at least 0.8121 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,3,1) is seeing major support above 8% and we can see bullish divergence vs price signalling that a bounce is impending.

Buy above 0.8001. Stop loss at 0.7956. Take profit at 0.8121.