AUDUSD is approaching is our first support at 0.7225 (horizontal pullback support, 50%, 38.2% Fibonacci retracement, 100% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 0.7310 (horizontal overlap resistance, 76.4% Fibonacci retracement). Stochastic (89,5,3) is also approaching support and a bounce above this level might see a corresponding rise in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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