AUDUSD approaching resistance, potential drop!
AUDUSD is approaching our first resistance at 0.7810 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 0.7738 (horizontal overlap support, 100% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (21,5,3) is also approaching our major resistance and descending resistance line and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (21,5,3) is also approaching our major resistance and descending resistance line and a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached:
Wohooo! dropped so perfectly to our major support!! Did you guys manage to get on this one?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results