AUDUSD approaching resistance, further drop!
AUDUSD is approaching resistance at 0.7678 (50% Fibonacci retracement, Horizontal overlap resistance) which coincides with our short term descending resistance line. We are expecting a strong reaction to occur at this level, pushing price down to our major support at 0.7643 (Horizontal swing low support). A breakout of our intermediate support at 0.7650 (horizontal swing low support) will provide the bearish acceleration to our take profit level. Ichimoku cloud is also showing signs of bearish pressure.
RSI (89) is also facing bearish pressure from our descending resistance.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also facing bearish pressure from our descending resistance.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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