AUDUSD facing bearish pressure, potential for more downside!

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Price is trending within a Daily ascending channel and above the Daily descending trendline now support and below the 1st resistance at 0.74313 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially bearish from 1st resistance at 0.74313 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension to 1st support at 0.73601 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish bias is further supported by how Price is holding below the Ichimoku cloud and RSI is abiding to a descending trendline. Otherwise price may continue to bullish to 2nd resistance at 0.74708 in line with Horizontal swing high and 200% Fibonacci extension.

Trading Recommendation

Entry: 0.74313

Reason for Entry:

61.8% Fibonacci retracement and 100% Fibonacci extension

Take Profit: 0.73601

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 0.74708

Reason for Stop Loss:

Horizontal swing high and 200% Fibonacci extension

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

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