AUDUSD approaching resistance, potential drop!
AUDUSD is approaching our first resistance at 0.7774 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 0.7650 (horizontal swing low support). A breakout below our intermediate support at 0.7727 (horizontal pullback support) might provide the bearish acceleration to our take profit level.
Stochastic (55,5,3) is also approaching our major resistance and we might see a corresponding 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.
Stochastic (55,5,3) is also approaching our major resistance and we might see a corresponding 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.
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