AUDUSD approaching major support, potential bounce!
AUDUSD is approaching its major support at 0.7730 (horizontal overlap support, 78.6% Fibonacci retracement , 61.8% Fibonacci extension ) which coincides with its long term ascending support line. A strong reaction could occur at this level pushing price up to its next resistance at 0.7843 (horizontal overlap resistance, 50% Fibonacci retracement ). If price breaks out of this level, it might rise to our next major resistance level at 0.7918 (50%, 76.4% Fibonacci retracement , horizontal swing high resistance, 100% Fibonacci extension ).
Stochastic (89,5,3) is also approaching its major support at 1% and a bounce off this level would be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
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Stochastic (89,5,3) is also approaching its major support at 1% and a bounce off this level would 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.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.