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FX.co ★ AUDCHF facing bearish pressure, potential for further downside!

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Forex Analysis:::2021-04-12T10:00:27

AUDCHF facing bearish pressure, potential for further downside!

AUDCHF facing bearish pressure, potential for further downside!

Prices are facing bearish pressure from descending trendline resistance as well as 1st resistance in line with 50% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push downwards towards 1st support, in line with 78.6% FIbonacci extension and 127.2% Fibonacci retracement. If prices push further up from 1st resistance, prices might face resistance from 2nd resistance which is in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.70490

Reason for Entry:

50% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing high resistance

Take Profit: 0.70214

Reason for Take Profit:

Horizontal swing low support, 78.6% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 0.70705

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% Fibonacci extension, 161.8% Fibonacci retracement

Analyst InstaForex
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