AUDUSD approaching major resistance, potential for a drop!

4 באפר׳ 2018

AUDUSD is approaching major resistance at 0.7713 (100% Fibonacci extension x2, 61.8% Fibonacci extension, 50% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap resistance) where a possible reaction might occur, causing price to fall to its support at 0.764 (61.8% Fibonacci extension, horizontal swing low support). We have also identified another resistance at 0.7754 (78.6% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reaction could occur. We have also identified a bearish divergence with price that contributes to our bearish bias.