AUDUSD reacted off resistance, further potential drop!

AUDUSD reacted off its major resistance level at 0.7891 (horizontal overlap resistance, 38.2%, 61.8% Fibonacci retracement , 100% Fibonacci extension ). A strong reaction could occur at this level pushing price down to our next major support at 0.7830 (horizontal overlap support, 38.2% Fibonacci retracement , 100% Fibonacci extension ).

RSI (55) is also approaching its major resistance at 60% and is a good precursor for a potential drop in price should it react off this level.

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