EUR/AUD Testing Resistance, Prepare For A Reversal!

EUR/AUD is testing its resistance at 1.5818 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reversal, causing the price to fall to its support at 1.5672 (38.2% Fibonacci retracement, horizontal swing low support). We do have to be cautious of the intermediate support at 1.5748 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) is approaching resistance at 96% where a corresponding reversal could occur.

Sell below 1.5818. Stop loss at 1.5905. Take profit at 1.5672.


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