AUDUSD Bounced Nicely Off Its Support!
Updated
AUDUSD bounced nicely off its support at 0.7481 (61.8% & 78.6% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 0.7543 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance). We have also identified another support at 0.7449 (78.6% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) bounced off its support at 3.17% where a corresponding rise could occur. We have also identified a bullish divergence with price which contributes to our bullish bias.
Trade closed: target reached
AUDUSD rose to our profit target!
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