AUDUSD has broken a strong ascending support-turned-resistance line triggering a major bearish move. Our resistance is at 0.7835 (overlap resistance, pullback resistance, breakout resistance) and a possible drop could push price down to at least 0.7731 (38.2% Fibonacci retracement, horizontal support).
Stochastic (55,5,3) is seeing a recent bearish breakout of its ascending support-turn-resistance line as a precursor of a much bigger drop that could happen.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.