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

Price holding below descending trendline resistance. A short term drop below key Fibonacci retracement and 1st resistance at 0.77375 towards recent swing low and 1st support at 0.76220 could be possible.

Trading Recommendation

Entry: 0.77375

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 0.76220

Reason for Take Profit:

Recent swing low

Stop Loss: 0.78098

Reason for Stop Loss:

Recent swing high