AUDUSD approaching support, potential bounce!
AUDUSD is approaching our first support at 0.7541 (horizontal overlap support, breakout level). A strong bounce might occur above this level, pushing price up to our major resistance at 0.7642 (horizontal pullback resistance, 50% Fibonacci retracement). A breakout above our intermediate resistance at 0.7591 (horizontal overlap resistance, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major resistance level. Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (89) is seeing a bullish exit and we might see a corresponding rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is seeing a bullish exit and we might see a corresponding rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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