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.

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