AUDJPY holding below descending trendline resistance! Further drop incoming!

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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 - www.instaforex.com

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