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

AUDCHF facing bearish pressure, potential for further downside!

AUDCHF facing bearish pressure, potential for further downside!

AUDCHF is facing bearish pressure from descending trendline resistance as well as horizontal overlap resistance in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down towards horizontal swing low support in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 161.8% retracement as well as 161.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.69254

Reason for Entry:

Horizontal overlap resistance, 61.8% Fibonacci retracement, 127.2% Fibonacci extension

Take Profit: 0.68963

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 0.69442

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci retracement, 161.8% Fibonacci extension

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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