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05.05.2021 11:52 AM
AUDCHF facing bearish pressure, potential for further downside!

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Prices are facing bearish pressure from horizontal swing high resistance which is in line with 100% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push down towards horizontal swing low support in line with 161.8% Fibonacci extension and 127.2% Fibonacci retracement. If prices push up further, prices might face resistance from swing high resistance in line with horizontal swing high resistance in line with 127.2% Fibonacci extension. Stochastics is facing resistance from 88.66 level, potential for further downside!

Trading Recommendation

Entry: 0.70675

Reason for Entry:

Horizontal swing high resistance, 100% Fibonacci extension, 78.6% Fibonacci retracement

Take Profit: 0.70140

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 0.70889

Reason for Stop Loss:

Horizontal swing high resistance, 127.2% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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