AUDUSD approaching support, potential rise!
AUDUSD broke out of our long term descending resistance-turned-support line and is approaching our first support at 0.7760 (horizontal swing low support) which coincides with the long term descending resistance-turned-support line. A strong bounce might occur above this level, pushing price up to our major resistance at 0.7812 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
Stochastic (34,5,3) is also approaching our short term ascending support line and a bounce off this level might be a good precursor for a potential 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 approaching our short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Come join us today at : easymarkets.com/
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.