19.04.202109:53 Forex Analysis & Reviews: AUDUSD reacting below descending trendline resistance! Drop incoming!

Exchange Rates 19.04.2021 analysis

AUDUSD reacting below descending trendline resistance. A short term drop below our 1st resistance at 0.77391 towards 1st support at 0.77058 could be possible. Technical indicators are showing room for further bearish momentum as well.

Trading Recommendation

Entry: 0.77391

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 0.77058

Reason for Take Profit:

Graphical swing low

Stop Loss: 0.77611

Reason for Stop Loss:

Graphical 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
InstaForex Group © 2007-2021
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