AUDUSD reacting off resistance, further potential drop!

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Price is reacting off our first resistance at 0.7781 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension, long term descending resistance line) and might be pushed down to our major support at 0.7722 (horizontal overlap support, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).

Stochastic (55,5,3) is also reacting off our major resistance, a good precursor for a potential drop in price.

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