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04.02.2022 09:33 AM
AUDJPY Bearish Dip | 4th Feb 2022

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On the H4, prices are on bearish momentum and abiding to our bearish trendline. We see the potential for a dip from our 1st resistance at 82.412 in line with 50% Fibonacci retracement and bearish trendline towards our 1st support at 81.461 in line with 50% Fibonacci retracement. RSI is at a level where dips occurred previously, further supporting our bearish bias. Alternatively, our stop loss will be placed at 2nd resistance 82.839 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 82.412

Reason for Entry:

50% Fibonacci retracement and bearish trendline

Take Profit: 81.461

Reason for Take Profit:

50% Fibonacci retracement

Stop Loss: 82.839

Reason for Stop Loss:

61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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