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