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Forex Analysis & Reviews: AUDUSD Potential for Bullish Rise | 9th December 2022
time 09.12.2022 01:20 PM
time Relevance up to, 10.12.2022 01:20 PM

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Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to head towards the 1st resistance at 0.69161, where the 78.6% Fibonacci line and previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support line at 0.67711, where the 61.8% Fibonacci line is.

Trading Recommendation

Entry: 0.67711

Reason for Entry: Retest of the 1st support line

Take Profit: 0.66694

Reason for Take Profit:

Previous swing low

Stop Loss: 0.69161

Reason for Stop Loss:

1st resistance line

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
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