AUD/USD profit target reached for the 5th time, prepare to buy again
May 17, 2017 3:55 pm
Price has dropped and reached our profit target from yesterday for the 5th time in a row. We prepare to buy above 0.7379 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a push up to 0.7466 resistance (Fibonacci extension, Fibonacci retracement, Elliott wave theory).
Stochastic (55,5,3) is seeing strong ascending support holding price up.
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 rise on NZD/USD which goes in line with this correlation.
Buy above 0.7397. Stop loss at 0.7368. Take profit at 0.7466.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price has dropped and reached our profit target from yesterday for the 5th time in a row. We prepare to buy above 0.7379 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a push up to 0.7466 resistance (Fibonacci extension, Fibonacci retracement, Elliott wave theory).
Stochastic (55,5,3) is seeing strong ascending support holding price up.
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 rise on NZD/USD which goes in line with this correlation.
Buy above 0.7397. Stop loss at 0.7368. Take profit at 0.7466.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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