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

Price is facing bearish pressure from our first resistance in line with our descending trend line, horizontal pullback resistance and 61.8% fibonacci retracement where we remain bearish below this level and could see a further drop to our first support target.

Trading Recommendation

Entry: 0.71587

Reason for Entry:

descending trend line, horizontal pullback resistance and 61.8% fibonacci retracement

Take Profit: 0.71095

Reason for Take Profit:

Horizontal swing low support, 100% fibonacci extension

Stop Loss: 0.71879

Reason for Stop Loss:

horizontal swing high resistance, 61.8% fibonacci extension