SHORT AUDJPY approaching major resistance, potential drop!
AUDJPY reacted of our major resistance at 83.26 (horizontal overlap resistance, 61.8% Fibonacci extension , 50% Fibonacci retracement, 23.6% fibonacci retracement, descending resistance ) which coincides with the long term descending resistance line. A strong reaction could occur at this level, pushing price down to our next major support at 82.50 (horizontal swing low support, 100% Fibonacci extension , 61.8% Fibonacci retracement ). We do have to be wary of our short term ascending support line as price needs to break that level to open a bigger drop.
Stochastic (89,5,3) is also approaching its major resistance at 85% and is be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching its major resistance at 85% and is be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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