AUD/USD: buy target – 0.7900
By: Dima Chernovolov
- AUD/USD reversed from support level 0.7620
- Next buy target – 0.7900
AUD/USD continues to rise after the recent sharp upward reversal from the support level 0.7620. This support level is the upper boundary of the support zone lying between price levels 0.7620 and 0.7540 – which has been reversing this currency pair from the start of February (as you can see below). Given the fact that the daily Stochastic indicator is still moving in the oversold territory AUD/USD can be expected to correct up in the coming trading sessions.
AUD/USD is likely to rise to the next buy target 0.7900. Buy stop-loss can be placed inside the aforementioned support zone – e.g. at 0.7540.