AUDUSD reacted off resistance, further potential drop!
AUDUSD reacted off its major resistance level at 0.7891 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement , 100% Fibonacci extension ). A strong reaction could occur at this level pushing price down to our next major support at 0.7830 (horizontal overlap support, 38.2% Fibonacci retracement , 100% Fibonacci extension ).
RSI (55) is also approaching its major resistance at 60% and is a good precursor for a potential drop in price should it react off this level.
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RSI (55) is also approaching its major resistance at 60% and is a good precursor for a potential drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results