AUDUSD back to pullback resistance!

FX:AUDUSD   澳幣 / 美元
AUDUSD has made a pullback to our breakout resistance line since breaking out of it yesterday. This is always a sign of big bears pushing price up so as to get a good entry price fearing they had miss out on the move. Our major resistance is at 0.7835 (overlap resistance, pullback resistance, breakout resistance, bearish divergence) and a possible drop could push price down to at least 0.7731 (38.2% Fibonacci retracement , horizontal support).

It is worth noting that AUDUSD which is positively correlated with NZDUSD is also similarly below major resistance.

RSI (34) sees strong bearish divergence vs price signaling that an impending drop could be occurring soon.

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This analysis is provided as general market commentary and does not constitute investment advice.
Hi, Do you think this is still valid
agree on the technicals, but aud nzd are high on rising commodities ehich are not showing signs of letting up
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