AUDUSD approaching major support, potential for bounce!
AUDUSD is approaching strong support at 0.7759 which is a 61.8% Fibonacci extension (a common extension used for profit taking), a horizontal swing low support, a long term overlap support and it corresponds to the support area we're seeing on Stochastic.
If it does bounce from there, the next big resistance is at 0.7891 which sees multiple fibonacci retracements and a strong horizontal overlap resistance.
If it does bounce from there, the next big resistance is at 0.7891 which sees multiple fibonacci retracements and a strong horizontal overlap resistance.
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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.