Price has bounced up and reached our profit target perfectly. We prepare to buy above 0.7377 support (Fibonacci retracement, horizontal overlap support) for a further push up towards 0.7441 resistance (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory).
Stochastic (34,5,3) has made a bullish exit and sees further upside potential.
Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a rise on AUD/USD and a drop on NZD/USD so it is best to exercise caution on these trades.
Buy above 0.7377. Stop loss at 0.7334. Take profit at 0.7441.
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