AUDUSD facing bearish pressure, drop incoming!

AUDUSD is reversed off from the upper resistance of the ascending price channel in line with 1st resistance at 0.73729 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Price is likely to bearish from 1st resistance at 0.73729 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension to 1st support at 0.72796 in line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Our bearish bias is further supported by how Stochastic is testing resistance where price dropped in the past. Otherwise price may bullish towards 2nd resistance at 0.74093 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 0.73729

Reason for Entry:

61.8% Fibonacci retracement and 100% Fibonacci extension

Take Profit: 0.72796

Reason for Take Profit:

61.8% Fibonacci retracement and 127.2% Fibonacci extension

Stop Loss: 0.74093

Reason for Stop Loss:

78.6% Fibonacci retracement and 127.2% Fibonacci extension

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

from RobotFX