FX.co ★ AUD/USD approaching major resistance, prepare to sell

The price is now approaching major resistance at 0.7938 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction from this level to fuel the drop to at least 0.7877 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is testing major resistance at 96% and we expect to see a corresponding drop in price from this level.

Sell below 0.7938. Stop loss is at 0.7982. Take profit is at 0.7877