AUDUSD right on pullback resistance, watch for a further drop!

AUDUSD has broken our major ascending support line triggering further bearish momentum! We’re seeing 1st resistance at 0.8046 (Fibonacci retracement, horizontal overlap resistance) where a strong drop could occur from to push price down to 0.7958 support (Fibonacci retracement, horizontal swing low support).

RSI (34) remains under bearish pressure from our descending resistance line although there is support at our 37% level which needs to be broken to add further conviction to this bearish setup.

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