AUDUSD approaching resistance, potential drop!

16 мая 2018 г.

AUDUSD is approaching our first resistance at 0.7475 (horizontal pullback resistance, 23.6% Fibonacci retracement) where it could potentially fall to its support at 0.7418 (horizontal swing low support, 100% Fibonacci extension). A breakout below our first support at 0.7449 (horizontal swing low support, 76.4% Fibonacci retracement) might provide the bearish drop to our second support. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (21,5,3) is also approaching our major resistance where a reaction off this level might see a corresponding drop in price.