AUDUSD in descending channel, potential for dip

Price is fluctuating in the descending channel , signifying a bearish momentum. Price could potentially reach the top of the resistance descending channel which is in line with the Fibonacci level of 78.6%. Subsequently, we can expect price to to be pushing down from the pivot level to the take profit level which is in line with with the Fibonacci level of 127.2%. Stochastic also indicate further bearish momentum.
Alternatively if price bounce above the sell entry level, it may go to the stop loss level of 0.73219


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