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Forex Analysis & Reviews: AUDUSD Potential for Bearish Drop | 7th December 2022
time 07.12.2022 03:12 PM
time Relevance up to, 08.12.2022 03:12 PM

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Looking at the H4 chart, my overall bias for AUDUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to head towards the 1st support at 0.65849, where the 38.2% Fibonacci line and previous swing low is. In an alternative scenario, price could possibly head back up to retest the 1st resistance line at 0.67711, where the 61.8% Fibonacci line is.

Trading Recommendation

Entry: 0.67711

Reason for Entry: Retest of the 1st resistance line

Take Profit: 0.65849

Reason for Take Profit:

1st support line and previous swing low

Stop Loss: 0.68508

Reason for Stop Loss:

Where the most recent swing high is

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
AUDUSD
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EURAUD Potential for Bullish Rise towards previous swing high
Looking at the H4 chart, my overall bias for EURAUD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Looking for a pullback buy entry at 1.54488, where the overlap support is. Stop loss will be at 1.53332, where the recent swing low is. Take profit.
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AUDUSD Potential for Bearish Drop to intermediate support
Looking at the H4 chart, my overall bias for AUDUSD is bearish due to the current price being below the Ichimoku cloud, Looking for a sell entry at 0.68455 where below the overlap support and the recent swing low. We are looking to take profit at 0.66595, where the intermediate support is and 50%.
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