FX.co ★ GBPAUD testing 1st support, potential for a bounce!

Price is testing 1st support, in line with 61.8% Fibonacci retracement and horizontal pullback support. We could potentially see a bounce and further rise up to test 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. Price is also holding above the ascending trendline and moving average support, in line with our bullish bias.

Trading Recommendation

Entry: 1.83395

Reason for Entry:

61.8% Fibonacci retracement and horizontal pullback support

Take Profit: 1.83839

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.83069

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support