FX.co ★ AUDUSD continuation of bearish trend.

Price dropped lower and is approaching 1st support at 0.70514. Price is holding below the MA 50 indicating a continuation of a downward trend, our bearish bias is further supported by the price holding below the overall descending trendline resistance. Otherwise, failure to reach at 2nd Support will see price bounce towards 1st resistance at 0.73814 in line with 38.2 Fibonacci retracement.

Trading Recommendation

Entry: 0.71809

Reason for Entry:

78.6% Fibonacci extension

Take Profit: 0.70514

Reason for Take Profit:

127.2% Fibonacci extension and -27.2% Fibonacci retracement

Stop Loss: 0.73814

Reason for Stop Loss:

38.2% Fibonacci retracement and previous swing high