AUDUSD is approaching support, potential bounce!
AUDUSD is approaching our first support at 0.7542 (horizontal pullback support, short term ascending support line, 61.8% Fibonacci retracement) where a strong bounce might occur above the level pushing price up to our major resistance at 0.7599 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (21,5,3) is also approaching support and a bounce off this level might be a good precursor for a potential rise in price.
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Stochastic (21,5,3) is also approaching support and a bounce off this level might be a good precursor for 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results