It is most likely a transmission slip, there is not much you can do to fix it your best bet is Lucas Stop Leak. While your transmission isn't leaking this will lessen the slip a bit.
You will have to consider replacing the transmission after this one goes.
5R55E automatic transmission
I believe that is a 4R55E automatic transmission
There is no dipstick for the manual transmission , the fluid level is checked at the fill plug on the transmission ( underneath the Explorer )
I'm not a mechanic/technician but the 1995 Explorer transmission is a 4R55E (electronically controlled) transmission and the 1992 Explorer is an A4LD transmission so I don't think so .
I believe that is the 5R55E
motorcraft.com shows 1995 and 1996 ( for the automatic transmission )
The automatic transmission does - look near the firewall just on the passenger side of the engine
Motorcraft MERCON - V - automatic transmission fluid in your 5 speed automatic transmission
According to the 2007 Ford Explorer Sport Trac Owner Guide : The automatic transmission does not have an underhood transmission fluid dipstick
Yes, I have one. 2003 model
Location driver side, rear tail housing of transmission. Ford explorer Sport.
The transfer case for your 4X4 is bolted to the rear of the transmission