AUDUSD is testing our first resistance at 0.7774 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a strong reaction might occur below this level, pushing price down to our major support at 0.7650 (horizontal swing low support).
Stochastic (89,5,3) is also approaching our major resistance and is a good precursor for a potential drop in price should it react off this level.
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Stochastic (89,5,3) is also approaching our major resistance and is a good precursor for a potential drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results