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Foredxtrading

AUDCAD approaching support, potential bounce! Price is approaching our first support at 0.9553 (Horizontal swing low support, 78.6% Fibonacci retracement, 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 0.9698 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement, 100% Fibonacci extension). Stochastic (89,5,3) is also approaching support where a bounce off this level might see a corresponding rise in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
AUDUSD nearing support, look out for a potential bounce!AUDUSD is nearing its major support at 0.7755 (61.8% Fibonacci extension , 61.8% Fibonacci retracement level, horizontal swing low support) where a potential bounce might occur. Prices may move up to its 1st resistance at 0.7888 (61.8% Fibonacci retracement, horizontal overlap resistance) before a further rise to 2nd resistance at 0.7991(61.8% Fibonacci retracement , horizontal overlap resistance, major swing high resistance). We have also identified a 2nd support at 0.7653 (76.4% Fibonacci retracement , Horizontal overlap support) Stochastic (34, 5, 3) shows that it is nearing its support at 3.6% and a corresponding bounce might occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by ICmarkets