AUD/USD approaching support, potential bounce!

AUDUSD is approaching our first support at 0.7147 ( ascending channel support, 61.8% Fibonacci extension , 61.8% retracement ) where a strong bounce might occur to our first resistance at 0.7189 (horizontal swing high resistance, 100% Fibonacci extension ).

Stochastic is also approaching support where we might see a corresponding bounce in price.

Trading CFDs on margin carries high risk.

Losses can exceed the initial investment so please ensure you fully understand the risks.

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

AUD/USD approaching support, potential bounce!

AUD/USD is approaching our first support at 0.7048 (horizontal overlap support, 61.8% Fibonacci retracement) where we might see a bounce to our major resistance at 0.7075 (horizontal pullback resistance, 38.2% Fibonacci retracement). Stochastic (34,5,3) is also nearing support where we might see a corresponding bounce in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

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