AUDUSD holding below descending trend line resistance. Further drop below 1st resistance at 0.73199 towards 1st support at 0.71063 could be possible. 1st resistance finds confluence with graphical swing high resistance and holding below long term moving average. It is also in line with 38.2% Fibonacci retracement. 1st support finds confluence with graphical swing low support and is in line with the -27.2% Fibonacci retracement and 78.6% Fibonacci expansion.
Trading Recommendation
Entry: 0.73199
Reason for Entry:
38.2% Fibonacci retracement ,Graphical swing high resistance
Take Profit: 0.71063
Reason for Take Profit:
-27.2% Fibonacci retracement, 78.6% Fibonacci extension and swing low support
Stop Loss: 0.73736
Reason for Stop Loss:
61.8% Fibonacci retracement
