AUDUSD reacting off resistance, further potential drop!
Price is reacting off our first resistance at 0.7781 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension, long term descending resistance line) and might be pushed down to our major support at 0.7722 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also reacting off our major resistance, a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also reacting off our major resistance, a good precursor for a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results