AUDJPY short-term bearish pressure | 19th Oct 2021

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Price is holding on an ascending trendline support, showing an overall bullish trend, however, we are expecting a retracement to the 1st Support in line with ascending trendline support and 61.8% Fibonacci projection. Our short-term bearish bias is further supported by the MACD indicator where the signal line crosses the MACD line.

Trading Recommendation

Entry: 85.170

Reason for Entry:

Graphical resistance level

Take Profit: 83.117

Reason for Take Profit:

61.8% fibonacci projection

Stop Loss: 85.817

Reason for Stop Loss:

78.6% Fibonacci projection

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

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