07.02.2023 11:33 AM
AUDUSD Potential for Bearish Drop to intermediate support

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Description :

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% Fibonacci line. Stop loss will be placed at 0.69271, where the 23.6% Fibonacci retracement is.

Trading Recommendation

Entry: 0.68455

Reason for Entry: Ichimoku cloud + price momentum + previous swing low

Take Profit: 0.66595

Reason for Take Profit:

Intermediate support + 50% Fibonacci retracement

Stop Loss: 0.69271

Reason for Stop Loss:

Overlap support

Dean Leo,
Analytical expert of InstaForex
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