FX.co ★ AUDUSD testing resistance, potential reversal!

Price is testing our first resistance, in line with our horizontal swing high resistance, 38.2% 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: 0.72955

Reason for Entry:

horizontal swing high resistance, 38.2% fibonacci retracement and 100% fibonacci extension

Take Profit: 0.72090

Reason for Take Profit:

Horizontal pullback support, 76.4% fibonacci retracement

Stop Loss: 0.73429

Reason for Stop Loss:

Horizontal pullback resistance, 61.8% fibonacci retracement