AUDUSD reacting above key graphical swing low support. A short term bounce above our 1st support at 0.76997 towards descending trendline resistance and our 1st resistance at 0.77369 could be possible. RSI is testing support as well where price bounced in the past.
Reason for Entry:
Graphical swing low support
Take Profit: 0.77369
Reason for Take Profit:
61.8% Fibonacci retracement, Descending trendline resistance
Stop Loss: 0.76704
Reason for Stop Loss:
-27.2% Fibonacci retracement
The material has been provided by InstaForex Company – www.instaforex.com
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