FX.co ★ AUDUSD is facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our first resistance, in line with our 23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal pullback resistance where we could see a reversal below this level to our first support level. The 20 period EMA and Ichiomku cloud are showing signs of bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 0.70208

Reason for Entry:

61.8% fibonacci retracement

Take Profit: 0.69142

Reason for Take Profit:

78.6% fibonacci retracement

Stop Loss: 0.71143

Reason for Stop Loss:

23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal pullback resistance