FX.co - AUD/USD rising towards a strong resistance level. Potential for a strong reversal!

2019-05-21T01:39:46

Relevance until2019-05-22

Price is approaching resistance area at 0.6963 where it could potentially reverse to its support at 0.6903.

Entry : 0.6963

Why it's good : horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement

Stop Loss : 0.7021

Why it's good : horizontal swing high resistance

Take Profit : 0.6903

Why it's good : 61.8% Fibonacci retracement, horizontal swing low support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Dean Leo

FX.co ★ AUD/USD rising towards a strong resistance level. Potential for a strong reversal!