AUDUSD forming a bearish breakout, possible shorting opportunity
AUDUSD has dropped strongly and broken our major support-turned-resistance level at 0.7897 (horizontal overlap resistance, breakout resistance, strong bearish channel) and a strong drop could occur from here to push price down to 0.7817 support (Fibonacci extension, Fibonacci retracement, horizontal swing low support).
RSI (55) has made a long term bearish exit signaling a change in momentum to bearish. We can also see an intermediate descending resistance line providing additional bearish pressure on AUDUSD.
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RSI (55) has made a long term bearish exit signaling a change in momentum to bearish. We can also see an intermediate descending resistance line providing additional bearish pressure on AUDUSD.
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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