AUD/USD approaching resistance, potential drop!

AUDUSD is approaching our first resistance at 0.7145 (horizontal swing high resistance, 78.6% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 0.7111 (38.2% Fibonacci retracement , 100% Fibonacci extension ). Stochastic is also approaching resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.

Analysis are provided by InstaForex