AUD/USD approaching resistance, potential reversal!

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We believe price will rise to its resistance at 0.6994 before reversing back down towards its support.

Entry: 0.6994

Why it's good : 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal swing high resistance

Stop Loss : 0.7019

Why it's good : 78.6% Fibonacci retracement

Take Profit : 0.6964

Why it's good: 38.2% Fibonacci retracement, horizontal overlap support

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The material has been provided by InstaForex Company - www.instaforex.com