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AUDUSD has reached our target, prepare for a potential bounce!

Long
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
Tickmill Broker  
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDUSD aud USD audusdshort audusdlong audusdforecast audusdsignal audusdsell Forex
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trendanalysis harmonicpatterns chartpattern audusd aud usd audusdshort audusdlong audusdforecast audusdsignal audusdsell forex

AUDUSD has dropped perfectly as forecasted towards our major support. Now we’re seeing major support at 0.7891 (Fibonacci retracement, horizontal overlap support, bullish divergence) and a strong bounce could occur at this level to push price up towards 0.7934 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing major support above 6.4% and can also see bullish divergence vs price, which is a potential precursor to a bounce.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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