AUDUSD bearish continuation | 8th Oct 2021

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 61.8% 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: 0.73249

Reason for Entry:

50% Fibonacci retracement and Graphical overlap resistance

Take Profit: 0.72225

Reason for Take Profit:

61.8% Fibonacci Retracement and 61.8% Fibonacci projection

Stop Loss: 0.74078

Reason for Stop Loss:

61.8% Fibonacci projection and 78.6% Fibonacci retracement

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

from RobotFX