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FX.co ★ AUD/USD profit target reached perfectly, prepare to buy

AUD/USD profit target reached perfectly, prepare to buy

Price has dropped absolutely perfectly from our selling area and has reached our profit target. We prepare to buy above 0.7441 support (Fibonacci retracement, horizontal swing low support) for a push up and reintegration into the bullish channel for a rise to at least 0.7510 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above the 5.1% where we expect a bounce from.

Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a bounce on AUD/USD but a drop on NZD/USD. Hence, it is best to exercise caution on this trade.

Buy above 0.7441. Stop loss at 0.7397. Take profit at 0.7510.

AUD/USD profit target reached perfectly, prepare to buy

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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