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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/USD profit target reached once again, prepare for another bounce

Price has dropped absolutely perfectly as expected and has reached our profit target. We now prepare to buy above 0.7628 major support (Fibonacci extension, horizontal swing low support, long-term Fibonacci retracement) for a push up to at least 0.7730 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,3,1) is seeing major support above 0.6% where we expect a corresponding bounce from.

Buy above 0.7628. Set stop loss at 0.7556 and take profit at 0.7730.

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The material has been provided by InstaForex Company - www.instaforex.com