FX.co ★ AUD/USD dropped perfectly to our profit target before bouncing up, prepare to sell once again

The price has dropped absolutely perfectly to our profit target area before bouncing up and is approaching our major resistance once again. We look to sell on the pullback to the resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action) for a push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).

Stochastic (21,3,1) is seeing major resistance at 98% where we expect a further drop from.

Sell below 0.7868. Stop loss is at 0.7913. Take profit is at 0.7791.