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AUDUSD bearish continuation | 11th Oct 2021

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Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.

Trading Recommendation

Entry: 0.73454

Reason for Entry:

61.8% Fibonacci retracement and 100% Fibonacci Projection

Take Profit: 0.72230

Reason for Take Profit:

78.6% Fibonacci projection and 61.8% Fibonacci Retracement

Stop Loss: 0.74127

Reason for Stop Loss:

61.8% Fibonacci projection and 78.6% Fibonacci retracement

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