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

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Forex Analysis:::2021-05-05T09:52:40

AUDCHF facing bearish pressure, potential for further downside!

 AUDCHF facing bearish pressure, potential for further downside!

Prices are facing bearish pressure from horizontal swing high resistance which is in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push down towards horizontal swing low support in line with 161.8% Fibonacci extension and 127.2% Fibonacci retracement. If prices push up further, prices might face resistance from swing high resistance in line with horizontal swing high resistance in line with 127.2% Fibonacci extension. Stochastics is facing resistance from 88.66 level, potential for further downside!

Trading Recommendation

Entry: 0.70675

Reason for Entry:

Horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement

Take Profit: 0.70140

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 0.70889

Reason for Stop Loss:

Horizontal swing high resistance, 127.2% Fibonacci extension

Analyst InstaForex
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