AUDUSD dropped perfectly to our support, prepare for a bounce!

FX:AUDUSD   Australian Dollar / U.S. Dollar
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.
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This analysis is provided as general market commentary and does not constitute investment advice.
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