AUDUSD reacting above key support! Bounce incoming!

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AUDUSD reacting above key graphical swing low support. A short term bounce above our 1st support at 0.76997 towards descending trendline resistance and our 1st resistance at 0.77369 could be possible. RSI is testing support as well where price bounced in the past.

Trading Recommendation

Entry: 0.76997

Reason for Entry:

Graphical swing low support

Take Profit: 0.77369

Reason for Take Profit:

61.8% Fibonacci retracement, Descending trendline resistance

Stop Loss: 0.76704

Reason for Stop Loss:

-27.2% Fibonacci retracement

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

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