FX.co ★ AUD/USD bouncing up perfectly, remain bullish

Price is bouncing up perfectly from our major support at 0.7966 (Fibonacci extension, Fibonacci retracement, horizontal swing low support, bullish divergence) and we expect to see a further push up from this level to at least 0.8051 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (34,3,1) is seeing strong support above 8% where we expect a further bounce from. We can also see bullish divergence vs price signalling that a reversal is impending.

Buy above 0.7966. Stop loss at 0.7935. Take profit at 0.8051.