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16.12.2021 10:47 AM
AUDUSD, Facing Bearish Pressure | 16th Dec 2021

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On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. However, we can expect a short-term bearish retracement from 1st Resistance in line with 50% Fibonacci retracement, 61.8% Fibonacci projection and graphical overlap towards 1st Support in line with 50% FIbonacci retracement and 100% FIbonacci projection. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is abiding to the descending trendline resistance.

Trading Recommendation

Entry:0.71767

Reason for Entry:

50% Fibonacci retracement, graphical overlap resistance

Take Profit: 0.70957

Reason for Take Profit:

Horizontal graphical overlap support,100% Fibonacci projection and 50% Fibonacci retracement

Stop Loss: 0.72279

Reason for Stop Loss:

61.8% Fibonacci projection and 61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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