EURAUD approaching resistance, potential drop!

16 ביולי 2018

EURAUD is approaching our first resistance at 1.5849 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1.5440 (horizontal swing low support, 76.4% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below our intermediate support at 1.5651 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
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