FX.co ★ AUD/USD approaching resistance, potential reversal!

Price is approaching its resistance supported by USD weakness and positive China's Caixin PMI results. We do expect it to rise to its resistance before reversing down especially since we expect AUD weakness due to a highly possible rate cut this week by the RBA.Entry : 0.6965

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

Stop Loss : 0.6992

Why it's good : 61.8% Fibonacci retracement

Take Profit : 0.6937

Why it's good : Horizontal pullback support, 38.2% Fibonacci retracement