FX.co ★ AUDUSD approaching resistance, potential reversal!

Price is approaching our first resistance, in line with our descending trend line, 23.6% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. 20 Period EMA and the Ichimoku cloud are showing signs of bearish pressure as well.

Trading Recommendation

Entry: 0.72901

Reason for Entry:

descending trend line, 23.6% fibonacci retracement and 100% fibonacci extension

Take Profit: 0.72090

Reason for Take Profit:

Horizontal pullback support, 76.4% fibonacci retracement

Stop Loss: 0.73394

Reason for Stop Loss:

Horizontal swing high resistance, 50% fibonacci retracement