ICmarkets
Short

UDUSD testing major resistance, potential drop!

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD             is testing its major resistance at 0.7891 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement , 100% Fibonacci extension ). A major reaction could occur at this level, pushing price down to its next major support at 0.7772 (Horizontal overlap support, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ).

Stochastic (55,5,3) is also approaching its major resistance at 98% and is a good precursor for a potential drop in price should it react off this level.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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