AUD/USD now testing major resistance, prepare to sell for a drop from here

Price is approaching major resistance at 0.7697 (multiple Fibonacci extensions) and we expect a strong reaction off this level for a drop to at least 0.7634 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a strong drop from.

Correlation analysis: AUD/USD and NZD/USD are both expecting drops today.

Sell below 0.7697. Stop loss at 0.7725. Take profit at 0.7634.

analytics59566f83288ab.png

The material has been provided by InstaForex Company - www.instaforex.com