EURAUD approaching support, potential bounce!

10 במאי 2018

EURAUD is approaching our first support at 1.5859 (horizontal swing low support, 78.6% Fibonacci retracement, 100% Fibonacci extension). A strong reaction could occur above this level, pushing price up to our major resistance at 1.6061 (horizontal overlap resistance, 61.8% Fibonacci extension, 76.4% Fibonacci retracement). A breakout above our intermediate resistance at 1.5962 (horizontal overlap resistance, 38.2% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
Stochastic (34,5,3) is also approaching our major support and we might see a corresponding rise in price should it bounce off this level.
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