FX.co ★ AUDUSD reacting below descending trendline resistance. Drop incoming!

AUDUSD reacting below descending trendline resistance. A short term intraday drop below our 1st resistance at 0.77824 towards recent swing low and 1st support at 0.77523 could be possible. Technical indicators are also showing room for further bearish momentum

Trading Recommendation

Entry: 0.77824

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 0.77523

Reason for Take Profit:

Graphical swing low support

Stop Loss: 0.78026

Reason for Stop Loss:

Recent swing high