AUDUSD holding below descending trendline resistance. With technical indicators showing room for further bearish downside, a short term drop below 1st resistance at 0.72778 towards 1st support at 0.72288 could be possible.
Trading Recommendation
Entry: 0.72778
Reason for Entry:
38.2% Fibonacci retracement, Descending trendline resistance
Take Profit: 0.72288
Reason for Take Profit:
-27.20% Fibonacci retracement, 127.2% Fibonacci expansion
Stop Loss: 0.73058
Reason for Stop Loss:
76.4% Fibonacci retracement
