AUDUSD's potential short-term resistance

AUDUSD

The above chart shows hourly price action. Key resistance is potentially at the confluence of factors including the R1 pivot level, the 50% Fibonacci retracement level and price congestion resistance (green rectangle). The stochastic is also at seller friendly levels (green ellipse). A pullback in AUDUSD may provide a “sell the rally in a downtrend” opportunity.

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