AUDUSD has broken major support!

AUDUSD has broken a strong ascending support-turned-resistance line triggering a major bearish move. Our resistance is at 0.7835 (overlap resistance, pullback resistance, breakout resistance) and a possible drop could push price down to at least 0.7731 (38.2% Fibonacci retracement, horizontal support).

Stochastic (55,5,3) is seeing a recent bearish breakout of its ascending support-turn-resistance line as a precursor of a much bigger drop that could happen.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.