AUDUSD right on pullback resistance, watch for a further drop!

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD             has broken our major ascending support line triggering further bearish momentum! We’re seeing 1st resistance at 0.8046 ( Fibonacci retracement , horizontal overlap resistance) where a strong drop could occur from to push price down to 0.7958 support ( Fibonacci retracement , horizontal swing low support).

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