Tickmill

AUS200 right on major resistance, prepare for a potential revers

Short
OANDA:AU200AUD   Australia 200

AUS200 is now testing major resistance at 6072 ( Fibonacci retracement , bearish harmonic formation , horizontal swing high resistance) and a strong drop could occur at this level to push price down to 6008 support ( Fibonacci retracement , horizontal swing low support). We have to watch our for intermediate support at 6034 too ( Fibonacci retracement , horizontal pullback support).

Stochastic (55,5,3) is seeing major resistance at 99% where a corresponding reaction could occur.

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.