AUDUSD approaching major support, potential for bounce!
AUDUSD is approaching strong support at 0.7759 which is a 61.8% Fibonacci extension (a common extension used for profit taking), a horizontal swing low support, a long term overlap support and it corresponds to the support area we're seeing on Stochastic.
If it does bounce from there, the next big resistance is at 0.7891 which sees multiple fibonacci retracements and a strong horizontal overlap resistance.
If it does bounce from there, the next big resistance is at 0.7891 which sees multiple fibonacci retracements and a strong horizontal overlap resistance.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.