AUDUSD approaching support, potential rise!

AUDUSD broke out of our long term descending resistance-turned-support line and is approaching our first support at 0.7760 (horizontal swing low support) which coincides with the long term descending resistance-turned-support line. A strong bounce might occur above this level, pushing price up to our major resistance at 0.7812 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.

Stochastic (34,5,3) is also approaching our short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.

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