AUDUSD approaching support, potential bounce!
AUDUSD is approaching our first support at 0.7230 (horizontal pullback support, 23.6%, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 0.7310 (horizontal overlap resistance, 61.8% Fibonacci extension, 76.4% Fibonacci retracement).
Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias. RSI (55) is also approaching support where a bounce off this level might see a corresponding rise in price.
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Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias. RSI (55) 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.
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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