AUDUSD is approaching our first resistance at 0.7475 (horizontal pullback resistance, 23.6% Fibonacci retracement) where it could potentially fall to its support at 0.7418 (horizontal swing low support, 100% Fibonacci extension). A breakout below our first support at 0.7449 (horizontal swing low support, 76.4% Fibonacci retracement) might provide the bearish drop to our second support. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (21,5,3) is also approaching our major resistance where a reaction off this level might see a corresponding drop in price.
Stochastic (21,5,3) is also approaching our major resistance where a reaction off this level might see a corresponding drop in price.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.
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.
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.