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24.01.2022 07:00 AM
AUDUSD Potential Bullish Bounce | 24th Jan 2022

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On the H4, price is reacting within the ascending channel, signifying an overall bullish momentum. Price is approaching the 1st Support, we can expect to see price make a bullish bounce from 1st Support in line with 127.2% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards 1st Resistance in line with previous swing high and 61.8% Fibonacci projection. Our short-term bearish bias is further supported by the RSI indicator where it is approaching the support level.

Trading Recommendation

Entry: 0.71724

Reason for Entry:127.2% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support

Take Profit: : 0.73091

Reason for Take Profit:Previous swing high and 61.8% Fibonacci projection

Stop Loss: 0.71369

Reason for Stop Loss:

161.8% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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