AUDUSD approaching major resistance, potential drop!
AUDUSD is approaching our first major resistance at 0.7773 (38.2% Fibonacci retracement, horizontal overlap resistance). A strong reaction might occur at this level pushing price down to our major support at 0.7678 (horizontal swing low support).
Stochastic (21,5,3) has also reacted off its major resistance at 95% and we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade active
Wooohooo! well on our way to our major support, did you guys manage to get in on this trade?Trade closed: target reached
Reached our major support perfectly! Hope you managed to ride the wave down
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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