FX.co - AUD/USD facing bearish pressure from descending trend line, potential for further drop

12 June 2020 at 3:55AM (UTC+0)

Long-term review

Trading Recommendation

Entry: 0.68627

Reason for Entry: 23.6% fibonacci retracement, horizontal pullback resistance

Take Profit: 0.66760

Reason for Take Profit: horizontal pullback support, 61.8% fibonacci retracement

Stop Loss: 0.69393

Reason for Take Profit: 50% fibonacci retracement, horizontal pullback resistance, 78.6% fibonacci extension

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

Analytical expert

Dean Leo

FX.co ★ AUD/USD facing bearish pressure from descending trend line, potential for further drop