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

AUDUSD is facing bearish pressure from descending trend line resistance as well as 1st resistance level, in line with 61.8% fibonacci retracement and 50% fibonacci retracement. Prices might push down lower towards 1st support which is in line with 100% fibonacci extension as well as horizontal swing low support level. If prices break through a descending trendline, prices might face resistance from 2nd resistance, which coincides with -27.2% fibonacci retracement and 161.8% fibonacci extension. Stochastics is also showing resistance against the 92.20 level.

Trading Recommendation

Entry: 0.77513

Reason for Entry:

Horizontal pullback support, 50% fibonacci retracement, 61.8% fibonacci retracement

Take Profit: 0.77056

Reason for Take Profit:

Horizontal swing low support, 100% fibonacci extension

Stop Loss: 0.77709

Reason for Stop Loss:

Horizontal swing high resistance, -27.2% fibonacci retracement, 161.8% fibonacci extension