ICmarkets

AUDUSD approaching major resistance, potential for a drop!

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD is approaching major resistance at 0.7713 (100% Fibonacci extension x2, 61.8% Fibonacci extension, 50% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap resistance) where a possible reaction might occur, causing price to fall to its support at 0.764 (61.8% Fibonacci extension, horizontal swing low support). We have also identified another resistance at 0.7754 (78.6% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur. We have also identified a bearish divergence with price that contributes to our bearish bias.

IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.