AUDUSD dropped perfectly to our support, prepare for a bounce!
AUDUSD has dropped absolutely perfectly to our major support level before bouncing nicely. We now look for a potential bounce above major support at 0.7899 (Fibonacci retracement, horizontal overlap support, channel exit potential) for a bounce up to potentially 0.7986 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing major support above 7.9% where a potential corresponding bounce could occur.
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 seeing major support above 7.9% where a potential corresponding bounce could occur.
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