FX.co ★ AUDUSD is facing bullish pressure, potential for further rise!

Price is facing bullish pressure as it continues to hold above the ascending trendline and moving average support, in line with our bullish bias. Price could bounce at our 1st support level, in line with our 38.2% Fibonacci retracement and 61.8% Fibonacci extension, and make a further rise towards our 1st resistance level, which is in line with our -27.2% Fibonacci retracement and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 0.77717

Reason for Entry:

38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Take Profit: 0.78152

Reason for Take Profit:

-27.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.77476

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing low support