FX.co ★ GBPAUD approaching 1st support, potential bounce!

Price is approaching 1st support, which is in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support. We could see a bounce and further upside towards 1st resistance, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance. Stochastics is also approaching support where price has bounced from in the past, showing signs of bullish pressure.

Trading Recommendation

Entry: 1.83307

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support

Take Profit: 1.84854

Reason for Take Profit:

78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.82617

Reason for Stop Loss:

78.6% Fibonacci extension and horizontal swing low support