AUDUSD approaching support, potential bounce!
AUDUSD is approaching our first support at 0.7310 (horizontal swing low support, 100%, 61.8% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 0.7402 (horizontal pullback resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension). A breakout above our intermediate resistance at 0.7372 (horizontal swing high resistance, 61.8% Fibonacci extension, 50% Fibonacci retracement) might provide us the bullish acceleration to our major resistance target.
Stochastic (89,5,3) is also approaching our support and a bounce off this level might see a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching our support and a bounce off this level might see a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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