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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/USD approaching major support, prepare to buy

Price is approaching major support at 0.7966 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect to see a strong bounce from this level to push price up to at least 0.8051 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (34,3,1) is seeing strong support above 8% where we expect a further bounce from.

Buy above 0.7966. Stop loss at 0.7935. Take profit at 0.8051.

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