AUDUSD below descending trendline resistance! Further drop incoming!

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Price holding below descending trendline resistance and also below moving average resistance. A short term drop below 1st resistance at 0.77245 towards 1st support at 0.76990 can be expected.

Trading Recommendation

Entry: 0.77245

Reason for Entry:

23.6% Fibonacci retracement, descending trendline resistance

Take Profit: 0.76990

Reason for Take Profit:

-27.20% Fibonacci retracement

Stop Loss: 0.77533

Reason for Stop Loss:

Recent swing high

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

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