AUDUSD nearing support, look out for a potential bounce!

2018年2月28日

AUDUSD is nearing its major support at 0.7755 (61.8% Fibonacci extension , 61.8% Fibonacci retracement level, horizontal swing low support) where a potential bounce might occur. Prices may move up to its 1st resistance at 0.7888 (61.8% Fibonacci retracement, horizontal overlap resistance) before a further rise to 2nd resistance at 0.7991(61.8% Fibonacci retracement , horizontal overlap resistance, major swing high resistance). We have also identified a 2nd support at 0.7653 (76.4% Fibonacci retracement , Horizontal overlap support)

Stochastic (34, 5, 3) shows that it is nearing its support at 3.6% and a corresponding bounce might occur.

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