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AUDUSD reacted off resistance, watch for further potential drop!

Oleh ICmarkets
Broker
AUDUSD has reacted off its major resistance level at 0.7825 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement ) which coincides with the descending resistance line. A strong reaction could occur at this level, pushing price down to our next major support at 0.7729 (horizontal overlap support, 61.8% Fibonacci extension , 61.8% Fibonacci retracement )

RSI (55) is also reacting off its descending resistance line at 53% and a corresponding drop in price might occur at this level.

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