AUD/USD testing major support, prepare to buy for a corrective bounce

Price has dropped strongly and is now testing major support at 0.7916 (Fibonacci extension, Fibonacci retracement). We expect to see a corrective bounce from this level to push price up to at least 0.7986 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (34,5,3) is seeing major support above 4.7% where we expect a bounce from too.

Buy above 0.7913. Stop loss at 0.7869. Take profit at 0.7986.

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