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25.01.2022 07:15 AM
AUDUSD Bearish Breakout | 25th Jan 2022

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On the H4, price broke out of the ascending channel, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with 78.6% Fibonacci projection and 38.2% Fibonacci retracement towards 1st Support in line with graphical support level and 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where the price is holding below it.

Trading Recommendation

Entry: 0.71724

Reason for Entry: 38.2% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: : 0.70883

Reason for Take Profit:Graphical support level and 127.2% Fibonacci projection.

Stop Loss: 0.72107

Reason for Stop Loss:

100 Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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