FX.co ★ AUDUSD holding below descending trendline resistance! Potential for drop!

AUDUSD holding below descending trendline resistance. With technical indicators showing room for further bearish downside, a short term drop below 1st resistance at 0.72778 towards 1st support at 0.72288 could be possible.

Trading Recommendation

Entry: 0.72778

Reason for Entry:

38.2% Fibonacci retracement, Descending trendline resistance

Take Profit: 0.72288

Reason for Take Profit:

-27.20% Fibonacci retracement, 127.2% Fibonacci expansion

Stop Loss: 0.73058

Reason for Stop Loss:

76.4% Fibonacci retracement