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

AUDUSD holding below descending trendline resistance. A short term drop below 1st resistance at 0.77754 towards 1st support at 0.77365 could be expected. Stochastic is testing resistance as well.

Trading Recommendation

Entry: 0.77754

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 0.77365

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 0.78137

Reason for Stop Loss:

Horizontal swing high