FX.co ★ 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.