AUDUSD is approaching our first resistance at 0.7145 (horizontal swing high resistance, 78.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 0.7111 (38.2% Fibonacci retracement, 100% Fibonacci extension).
Stochastic is also approaching resistance where we might see a corresponding drop in price....
AUDUSD is approaching our first support at 0.7048 (horizontal overlap support, 61.8% Fibonacci retracement) where we might see a bounce to our major resistance at 0.7075 (horizontal pullback resistance, 38.2% Fibonacci retracement).
Stochastic (34,5,3) is also approaching support where we might see a corresponding bounce in price.
Trading CFDs on margin carries...
