GBPAUD approaching resistance, potential drop!

٢٧ يونيو ٢٠١٨

GBPAUD is approaching our first resistance at 1.8084 (horizontal swing high resistance, 61.8% Fibonacci retracement, 161.8%, 100% Fibonacci extension, Elliot wave structure) and a strong reaction might occur below this level, pushing price down to our major support at 1.7769 (horizontal overlap support, 50% Fibonacci retracement). A breakout below our short term ascending line might provide the bearish acceleration to our major support target.
Stochastic (21,5,3) is also approaching our resistance we might see a further corresponding drop in price.
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