logo

FX.co ★ AUDUSD below descending trendline resistance! Further drop incoming!

AUDUSD below descending trendline resistance! Further drop incoming!

AUDUSD below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance and also below moving average resistance. A short term drop below 1st resistance at 0.77245 towards 1st support at 0.76990 can be expected.

Trading Recommendation

Entry: 0.77245

Reason for Entry:

23.6% Fibonacci retracement, descending trendline resistance

Take Profit: 0.76990

Reason for Take Profit:

See also: Start Forex trading with a European level broker!

-27.20% Fibonacci retracement

Stop Loss: 0.77533

Reason for Stop Loss:

Recent swing high

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account