AUDUSD broke out of ascending trendline support (now resistance) to the downside before coming back to retest the trendline and 61.8% Fibonacci retracement at 1st resistance 0.72093. A drop towards 1st support at 0.71311 is expected. Stochastics is testing resistance where price reacted in the past as well.
Trading Recommendation
Entry: 0.72093
Reason for Entry:
61.8% fib retracement, ascending trendline resistance
Take Profit : 0.71311
Reason for Take Profit:
38.2% fib retracement, Recent swing low
Stop Loss: 0.72651
Reason for Stop loss:
-27.2% and 78.6% Fib retracement, 61.8% Fib extension
