AUDUSD approaching resistance, potential drop!
AUDUSD is approaching our first resistance at 0.7704 (horizontal overlap resistance, 23.6%, 38.2%, 50% Fibonacci retracement) which coincides with the short term descending resistance line. A strong reaction might occur at this level, pushing price down to our major support at 0.7643 (horizontal swing low support, 61.8% Fibonacci extension).
Stochastic (34,5,3) is also reacting off its major resistance at 90%, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (34,5,3) is also reacting off its major resistance at 90%, a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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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