AUDUSD approaching support, potential rise!

2018년 4월 16일

Price broke out of our long term descending overlap support line and is approaching our first support at 0.7760 (horizontal swing low support). A strong bounce might occur above this level, pushing price up to our major resistance at 0.7812 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.

Stochastic (34,5,3) is also approaching our short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.

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