AUDUSD testing major support, potential bearish breakout!
AUDUSD is testing major support at 0.7781 (Fibonacci retracement, horizontal overlap support, ascending support) and a strong drop could occur from here if our ascending support line is broken with strength.
Our next major support is at 0.7717 (Fibonacci extension, horizontal swing low support) which is the level price could drop to if it breaks our support. It's also nice to see strong descending resistance line holding price down so well.
RSI (55) sees a short term bearish exit as a precursor of a potential drop.
Our next major support is at 0.7717 (Fibonacci extension, horizontal swing low support) which is the level price could drop to if it breaks our support. It's also nice to see strong descending resistance line holding price down so well.
RSI (55) sees a short term bearish exit as a precursor of a potential drop.
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