FX.co ★ AUD/USD is approaching major resistance, prepare for a drop

Price is approaching strong resistance at 0.7890 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension, bearish price action) and a strong reaction could occur at this level to push the price down to the 0.7769 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing major resistance below 97% where a corresponding reaction could occur.

Sell below 0.7890. Stop loss at 0.7942. Take profit at 0.7769.