AUD/USD facing bearish pressure from descending trend line, potential for further drop

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Trading Recommendation

Entry: 0.68627

Reason for Entry: 23.6% fibonacci retracement, horizontal pullback resistance

Take Profit: 0.66760

Reason for Take Profit: horizontal pullback support, 61.8% fibonacci retracement

Stop Loss: 0.69393

Reason for Take Profit: 50% fibonacci retracement, horizontal pullback resistance, 78.6% fibonacci extension

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