AUDUSD reacted off resistance, further potential drop!
AUDUSD reacted off its major resistance level at 0.7891 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement , 100% Fibonacci extension ). A strong reaction could occur at this level pushing price down to our next major support at 0.7830 (horizontal overlap support, 38.2% Fibonacci retracement , 100% Fibonacci extension ).
RSI (55) is also approaching its major resistance at 60% and is a good precursor for a potential 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.
RSI (55) is also approaching its major resistance at 60% and is a good precursor for a potential 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.
Disclaimer
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.