Relevance up to 23:00 2020-05-19 UTC–5
Reason for Entry: 127.2% fibonacci extension and 61.8% fibonacci retracement, horizontal overlap resistance
Take Profit: 1.08348
Reason for Take Profit: horizontal pullback support, 61.8% fibonacci retracement
Stop Loss: 1.09630
Reason for Stop loss: 76.4% fibonacci retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Dean Leo,
InstaForex Group © 2007-2020
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AUDUSD testing descending trendline resistance! Drop incoming!
AUDUSD rose higher and now testing long term descending trendline resistance. Breaking below downside confirmation at 0.65156 should strengthen bearish bias and see price drop further towards 1st support at 0.64734. Stochastics is reacting below resistance as well.
USDCAD testing 1st support, potential bounce !
We turned bullish as price is approaching our first support in line with our 161.8% fibonacci extension where we are expecting a further bounce to our first resistance level, in line with our horizontal pullback high resistance. Stochastic is approaching support as well.
Instaforex Daily Analysis – 18th May 2020
Today we take a look at AUDUSD and see how we are going to play the bounce! We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today!