AUDUSD approaching first support, potential for a bounce!

Price is approaching our first support at 0.75786, which is in line with our 78.6% Fibonacci extension, 50% Fibonacci retracement and horizontal pullback support. It could potentially bounce from here and rise further to our first resistance at 0.76398, in line with our 127.2% Fibonacci extension and horizontal swing high resistance. It is also worth noting that the Stochastic indicator is approaching the support level at 4.98 as well.

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