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

Price has bounced up perfectly from our previous buying area. We are also seeing price make a bullish exit of our long term descending resistance-turned-support line. The aim is to buy above support at 0.7987 (Fibonacci retracement, pullback support) for a further push up to at least 0.8051 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is seeing strong support above 4.6% where we expect further bullish action from.

Buy above 0.7987. Stop loss at 0.7951. Take profit at 0.8051.