AUDUSD approaching major resistance, potential for a drop!
AUDUSD is approaching major resistance at 0.7713 (100% Fibonacci extension x2, 61.8% Fibonacci extension, 50% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap resistance) where a possible reaction might occur, causing price to fall to its support at 0.764 (61.8% Fibonacci extension, horizontal swing low support). We have also identified another resistance at 0.7754 (78.6% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur. We have also identified a bearish divergence with price that contributes to our bearish bias.
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur. We have also identified a bearish divergence with price that contributes to our bearish bias.
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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.