AUDUSD approaching major support, potential bounce!

AUDUSD is approaching its major support at 0.7730 (horizontal overlap support, 78.6% Fibonacci retracement , 61.8% Fibonacci extension ) which coincides with its long term ascending support line. A strong reaction could occur at this level pushing price up to its next resistance at 0.7843 (horizontal overlap resistance, 50% Fibonacci retracement ). If price breaks out of this level, it might rise to our next major resistance level at 0.7918 (50%, 76.4% Fibonacci retracement , horizontal swing high resistance, 100% Fibonacci extension ).

Stochastic (89,5,3) is also approaching its major support at 1% and a bounce off this level would be a good precursor for a potential rise in price.

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