AUD/USD Testing Resistance, Prepare For Reversal!

AUD/USD is testing its resistance at 0.7374 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance), where a reversal to its support at 0.7283 (61.8% Fibonacci retracement) is expected. Stochastic (55, 5, 3) has reversed off its resistance at 95%, where a corresponding drop is expected. We have also identified a bearish divergence with price that contributes to our bearish bias.

AUD/USD is testing its resistance, where we expect to see a reversal.

Sell below 0.7374. Stop loss at 0.7440. Take profit at 0.7283.

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