AUD/USD dropped perfectly as expected, prepare to buy for an intermediate correction

The price has dropped perfectly from our selling area towards our profit target. We prepare to buy above major support at 0.7909 (Fibonacci retracement, horizontal overlap support, bullish price action) for a push up to 0.7963 resistance (Fibonacci extension, horizontal swing high resistance) once again.

RSI (34) sees a pullback to our descending resistance-turned-support line.

Buy above 0.7909. Stop loss is at 0.7880. Take profit is at 0.7963.

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