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29.11.202108:09 Forex Analysis & Reviews: AUDCHF short-term bullish bounce | 29th Nov 2021

Exchange Rates 29.11.2021 analysis

On the H4 timeframe, price is abiding to the ascending trendline support on the daily and descending trendline resistance on the H4 forming a potential triangle pattern. We can expect the price to bounce from 1st Support in line with 23.6% Fibonacci retracement to 1st Resistance in line with 161.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is at the support level.

Trading Recommendation

Entry: 0.66011

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 0.66665

Reason for Take Profit:

161.8% Fibonacci projection and 50% Fibonacci retracement

Stop Loss: 0.65605

Reason for Stop Loss:

Ascending trendline support on the daily

*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
© 2007-2022
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