AUDUSD Bounced Nicely Off Its Support!
AUDUSD bounced nicely off its support at 0.7481 (61.8% & 78.6% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 0.7543 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance). We have also identified another support at 0.7449 (78.6% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) bounced off its support at 3.17% where a corresponding rise could occur. We have also identified a bullish divergence with price which contributes to our bullish bias.
Trade closed: target reached
AUDUSD rose to our profit target!
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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.