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20.04.202112:18 Forex Analysis & Reviews: GBPAUD is approaching support, potential bounce

Exchange Rates 20.04.2021 analysis

Price is facing bullish pressure from our first support in line with our 61.8% fibonacci retracement, horizontal pullback support and 127.2% fibonacci extension where we could see a bounce above this level to our first resistance target. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.79147

Reason for Entry:

61.8% fibonacci retracement and 127.2% fibonacci extension and horizontal pullback support

Take Profit: 1.80454

Reason for Take Profit:

88.0% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 1.78311

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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