AUDUSD Potential for Bearish Drop | 20th December 2022

Looking at the H4 chart, my overall bias for AUDUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect the price to continue heading towards the 1st support at 0.65849, where the 78.6% Fibonacci line is. In an alternative scenario, price could possibly head back up towards the 1st resistance at 0.67711, where the 61.8% Fibonacci line is

Trading Recommendation

Entry: 0.67711

Reason for Entry: Retest 1st resistance line

Take Profit: 0.65849

Reason for Take Profit:

1st support line

Stop Loss: 0.68932

Reason for Stop Loss:

Recent swing high