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

Price is approaching 1st support, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback support and ascending trendline support. We could see a bounce here and further upside towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. Stochastics is also testing the support where price has bounced in the past, showing signs of bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.83906

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback support and ascending trendline support

Take Profit: 1.85027

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.83270

Reason for Stop Loss:

78.6% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing low support