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

AUDUSD reacting below descending trendline resistance. A short term intraday drop below our 1st resistance at 0.77471 towards recent swing low and 1st support at 0.77076 could be possible. Technical indicators are also showing room for further bearish momentum

Trading Recommendation

Entry: 0.77471

Reason for Entry:

78.6% Fibonacci retracement, Descending trendline resistance

Take Profit: 0.77076

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 0.77669

Reason for Stop Loss:

Recent swing high