AUDUSD has broken major support!
AUDUSD has broken a strong ascending support-turned-resistance line triggering a major bearish move. Our resistance is at 0.7835 (overlap resistance, pullback resistance, breakout resistance) and a possible drop could push price down to at least 0.7731 (38.2% Fibonacci retracement, horizontal support).
Stochastic (55,5,3) is seeing a recent bearish breakout of its ascending support-turn-resistance line as a precursor of a much bigger drop that could happen.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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