AUS200 right on major resistance, prepare for a potential revers

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.

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This analysis is provided as general market commentary and does not constitute investment advice.