AUDUSD broken major support, prepare for a big drop!
AUDUSD has finally broken our long term ascending support channel triggering a potential strong sell off from here. Our first major resistance is at 0.8067 (Fibonacci retracement, horizontal pullback resistance) and a strong drop could occur below this level to drive price down to 0.7958 support (Fibonacci retracement, horizontal swing low support). Do be aware that we’ll expect intermediate support at 0.8005.
RSI (34) remains under bearish pressure from our descending resistance line although there is support at our 37% level which needs to be broken to add further conviction to this bearish setup.
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RSI (34) remains under bearish pressure from our descending resistance line although there is support at our 37% level which needs to be broken to add further conviction to this bearish setup.
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