GBPAUD bounced nicely off its support at 1.7909 (61.8%, 61.8% &50% Fibonacci retracement, horizontal overlap support) where a potentially bounce on weakness may happen, causing price to rise to its resistance at 1.8246 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.8047 (23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced nicely off its support at 2.9% where a corresponding rise could occur. We have also identified a bullish divergence with price which contributes to our bullish bias.
Stochastic (89, 5, 3) bounced nicely off its support at 2.9% where a corresponding rise could occur. We have also identified a bullish divergence with price which contributes to our bullish bias.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.