AUDUSD broke out of support, further potential drop!
AUDUSD broke out of our short term ascending support line and is testing our first resistance at 0.7567 (horizontal overlap resistance, 61.8% Fibonacci retracement) where a strong reaction might occur below this level, pushing price down to our first support at 0.7525 (horizontal swing low support, 50% Fibonacci retracement). A breakout below our short term ascending support line would provide the bearish acceleration to our major support target.
Stochastic (21,5,3) is also seeing a bearish divergence in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (21,5,3) is also seeing a bearish divergence in line with our bearish bias.
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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