AUDUSD - Intraday - We look to Sell at 0.7000 (stop at 0.7042)
The 161.8% Fibonacci extension is located at 0.7024 from 0.5506 to 0.6445. Price action has formed a bearish ending wedge formation. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Bespoke support is located at 0.6947. Trend line support is located at 0.6940. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 0.6833 and 0.6800
Resistance: 0.7000 / 0.7038 / 0.7050
Support: 0.6946 / 0.6938 / 0.6833
The 161.8% Fibonacci extension is located at 0.7024 from 0.5506 to 0.6445. Price action has formed a bearish ending wedge formation. The overnight rally has been sold into and there is scope for further bearish pressure going into this morning. Bespoke support is located at 0.6947. Trend line support is located at 0.6940. Further downside is expected and we prefer to set shorts in early trade.
Our profit targets will be 0.6833 and 0.6800
Resistance: 0.7000 / 0.7038 / 0.7050
Support: 0.6946 / 0.6938 / 0.6833
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