FX.co ★ AUDUSD holding below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance. A short term intraday pullback below 1st resistance at 0.77771 towards 1st support at 0.77408 can be possible. Stochastic is approaching resistance where price reacted in the past as well.

Trading Recommendation

Entry: 0.77771

Reason for Entry:

78.6% Fibonacci retracement, descending trendline resistance

Take Profit: 0.77408

Reason for Take Profit:

78.6% Fibonacci retracement

Stop Loss: 0.77897

Reason for Stop Loss:

Recent swing high