AUDUSD approaching 1st support, potential for a bounce!

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Price is approaching 1st support, in line with our 50%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. We could see a bounce and further rise towards 1st resistance, in line with 127.2% Fibonacci extension and horizontal swing high resistance. Stochastics has also just bounced from the lower 17.38 support, where it has reacted off of before, in line with our analysis.

Trading Recommendation

Entry: 0.77063

Reason for Entry:

50%, 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Take Profit: 0.78160

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.76606

Reason for Stop Loss:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback support

The material has been provided by InstaForex Company - www.instaforex.com

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