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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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AUD/USD reversed off resistance, prepare for further drop

AUD/USD reversed off its resistance at 0.7295 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.7201(38.2% Fibonacci retracement, horizontal swing low support).

Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.

AUD/USD reversed off its resistance where we expect to see a further drop.

Sell below 0.7295. Stop loss at 0.7367. Take profit at 0.7201.

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