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28.07.2017 04:22 AM
AUD/USD right on major support, prepare to buy for a bounce

Price is now testing a major support at 0.7969 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level for a rise at least to 0.8066 resistance (Fibonacci extension, horizontal swing high resistance).

RSI (34) is seeing a pullback support to our descending resistance-turned-support line and we expect it to make a bounce off from here similarly to the bounce we are expecting on price.

Buy above 0.7969. Stop loss at 0.7911. Take profit at 0.8066.

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Dean Leo,
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