AUDJPY holding below descending trendline resistance! Further drop incoming!


USDCAD holding below descending trendline resistance. Further drop below 1st resistance at 80.718 towards 1st support at 78.869 could be possible. 1st resistance is in line with 61.8% Fibonacci retracement. 1st support finds confluence with graphical swing low support and is in line with the 78.6% Fibonacci retracement. RSI also supports the bearish bias with 3 touches on the descending trendline.

Trading Recommendation

Entry: 80.613

Reason for Entry:

61.8% Fibonacci retracement ,Graphical overlap resistance

Take Profit: 78.869

Reason for Take Profit:

78.6% Fibonacci retracement, Graphical overlap support

Stop Loss: 81.330

Reason for Stop Loss:

78.6% Fibonacci retracement ,Graphical overlap resistance

The material has been provided by InstaForex Company -

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