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11.10.202107:29 Forex Analysis & Reviews: AUDUSD bearish continuation | 11th Oct 2021

Exchange Rates 11.10.2021 analysis

Price is holding below the descending trendline resistance, signifying a bearish momentum. We can expect the price to continue to push down towards the 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci Retracement. Our bearish support is further supported by the stochastic indicator where the %K line drops from the resistance level.

Trading Recommendation

Entry: 0.73454

Reason for Entry:

61.8% Fibonacci retracement and 100% Fibonacci Projection

Take Profit: 0.72230

Reason for Take Profit:

78.6% Fibonacci projection and 61.8% Fibonacci Retracement

Stop Loss: 0.74127

Reason for Stop Loss:

61.8% Fibonacci projection and 78.6% Fibonacci retracement

*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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