FX.co ★ AUD/USD testing major support, remain bullish

Price has reversed right above our stop loss from yesterday. We remain bullish with the price now testing major support at 0.7456 (Fibonacci extension, Elliott wave theory, bullish divergence) and we expect to see a bounce above this level to at least 0.7520 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support above the 7% level where we expect a bounce from. We can also see bullish divergence vs price signaling that a bounce is impending.

Buy above 0.7456. Stop loss at 0.7434. Take profit at 0.7520.