AUDUSD bearish continuation | 16th Nov 2021

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We can see that price is abiding to the descending trendline resistance, signifying a bearish momentum. We can expect price to drop from 1st Resistance in line with 127.2% Fibonacci projection towards the 1st Support in line with the previous swing low and 61.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is approaching the resistance level and price holding below ichimoku cloud.

Trading Recommendation

Entry: 0.73654

Reason for Entry:

127.2% Fibonacci projection

Take Profit: 0.72796

Reason for Take Profit:

previous swing low and 61.8% Fibonacci projection

Stop Loss: 0.73926

Reason for Stop Loss:

161.8% Fibonacci projection and 38.2% Fibonacci retracement

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

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