AUDUSD is approaching our resistance at 0.7166 (horizontal swing high resistance, 78.6% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 0.7047 (61.8% Fibonacci retracement , horizontal swing low support, 76.4% Fibonacci retracement ).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding 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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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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