AUDUSD is approaching support, potential bounce!
AUDUSD is approaching our first support at 0.7087 (horizontal overlap support, 50% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 0.7176 (50% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (34) is also approaching support and we might see a corresponding rise in price should it bounce off this level. Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (34) is also approaching support and we might see a corresponding rise in price should it bounce off this level. Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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