AUDUSD approaching strong resistance, potential for drop!
AUDUSD is approaching its major resistance at 0.7786 (horizontal overlap resistance, 23.6% Fibonacci retracement , 61.8% Fibonacci extension) which coincides with the short term descending resistance line. A strong reaction could occur at this level, pushing price down to 0.7697 (horizontal pullback support, 100% Fibonacci extension). Our next resistance is at 0.7826 which is our 38.2 and 61.8% Fibonacci retracement, our 100% fibonaccei extension level along with our horizontal overlap resistance.
RSI (89) is approaching its resistance level and a corresponding drop in price might occur. We can also see a short term bearish breakout signalling bearish momentum potential.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is approaching its resistance level and a corresponding drop in price might occur. We can also see a short term bearish breakout signalling bearish momentum potential.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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