Tickmill
Long

AUDUSD approaching support, potential rise!

FX:AUDUSD   Australian Dollar / U.S. Dollar
Price broke out of our long term descending overlap support line and is approaching our first support at 0.7760 (horizontal swing low support). A strong bounce might occur above this level, pushing price up to our major resistance at 0.7812 (horizontal swing high resistance, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.

Stochastic (34,5,3) is also approaching our short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.

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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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