AUDUSD bouncing off support, potential rise!

AUDUSD is bouncing off our first support at 0.76560 (horizontal swing low support, 61.8% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 0.7727 (horizontal swing high resistance, 100% Fibonacci extension, 61.8%, 76.4% Fibonacci retracement).

RSI (89) is bouncing above our long term ascending support line, a good precursor of a potential rise in price.

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