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AUD/USD testing major resistance, time to start selling

Posted On 26 Nov 2017
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PThe price is testing major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance, channel resistance, Fibonacci extension) and we expect to see a strong drop from this level to push the price down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).

Stochastic (55,3,1) is seeing strong resistance at 96% where we expect a corresponding reaction off.

Correlation analysis: NZDUSD is similarly expecting a strong drop.

Sell below 0.7629. Stop loss isat 0.7670. Take profit is at 0.7537

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

Source:: AUD/USD testing major resistance, time to start selling

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