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08.03.202110:49 Forex Analysis & Reviews: AUDUSD holding below descending trendline resistance! Drop incoming!

Exchange Rates 08.03.2021 analysis

Price holding below descending trendline resistance. A short term drop below key Fibonacci retracement and 1st resistance at 0.77375 towards recent swing low and 1st support at 0.76220 could be possible.

Trading Recommendation

Entry: 0.77375

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 0.76220

Reason for Take Profit:

Recent swing low

Stop Loss: 0.78098

Reason for Stop Loss:

Recent swing high

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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