AUDCHF short-term bearish pressure | 18th Oct 2021

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Price is holding on an ascending trendline support, showing an overall bullish trend, however, we can expect price to make a small retracement at 1st resistance level in line with 61.8% Fibonacci projection towards the 1st Support in line with 38.2% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance level.

Trading Recommendation

Entry: 0.68642

Reason for Entry:

61.8% Fibonacci projection

Take Profit: 0.67966

Reason for Take Profit:

38.3% Fibonacci retracement

Stop Loss: 0.68973

Reason for Stop Loss:

78.6% Fibonacci retracement and 78.6% Fibonacci projection

The material has been provided by InstaForex Company - www.instaforex.com

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