AUDUSD approaching resistance, potential drop!
AUDUSD is approaching our first resistance at 0.7781 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with our long term descending resistance line. A strong reaction might occur at this level, pushing price down to our major support at 0.7722 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also testing our major resistance and a reaction off this level might be a good precursor for 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 (55,5,3) is also testing our major resistance and a reaction off this level might be a good precursor for 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.
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