FX.co ★ AUD/USD Approaching Resistance, Lookout For a Reversal

The price is approaching its major resistance at 0.7712 (61.8% Fibonacci extension, 100% Fibonacci extension, 100% Fibonacci extension, 50% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect a reversal, pushing price down to its support at 0.7642 (61.8% Fibonacci extension, horizontal swing low support).

Stochastic (89, 5, 3) sees resistance at 96% where we expect a corresponding reversal. A bearish divergence with price has also been identified which adds to our bearish bias.

Sell below 0.7712. Stop loss at 0.7754. Take profit at 0.7642.