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FX.co ★ AUD/USD is dropping nicely, remain bearish

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Forex Analysis:::2017-03-02T12:45:21

AUD/USD is dropping nicely, remain bearish

We remain bearish with the price having broken our long-term ascending support-turned-resistance line triggering a bearish exit to push the price down. The goal is to sell below 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, and horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support).

RSI (21) is seeing major resistance below the 64% level.

Sell below 0.7668. Stop loss is at 0.7695. Take profit is at 0.7603.

AUD/USD is dropping nicely, remain bearish

Analyst InstaForex
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