AUDUSD approaching resistance, potential drop!
AUDUSD is approaching our first resistance at 0.7240 (horizontal overlap resistance, 50% Fibonacci retracement, long term descending resistance line) where a strong drop might occur below this level pushing price down to our major support at 0.7140 (horizontal swing low support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
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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