AUDUSD reacting below descending trendline resistance. A short term intraday drop below our 1st resistance at 0.77471 towards recent swing low and 1st support at 0.77076 could be possible. Technical indicators are also showing room for further bearish momentum
Trading Recommendation
Entry: 0.77471
Reason for Entry:
78.6% Fibonacci retracement, Descending trendline resistance
Take Profit: 0.77076
Reason for Take Profit:
50% Fibonacci retracement
Stop Loss: 0.77669
Reason for Stop Loss:
Recent swing high
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