GBPAUD is approaching our first support at 1.7706 (horizontal overlap support, 50% Fibonacci retracement, 100% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 1.8242 (horizontal swing high resistance, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout above our intermediate resistance at 1.7976 (horizontal swing high resistance, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance target.
Stochastic (34,5,3) is also bouncing off support and we 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.
Stochastic (34,5,3) is also bouncing off support and we 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