FX.co ★ AUDUSD potential short term bullish bounce | 17th Nov 2021

On the H4, we can see that price is abiding to the descending trendline resistance, signifying a bearish momentum. However, we can expect price to make a small retracement and bounce from 1st Support in line with 61.8% Fibonacci projection towards the 1st Resistance in line with 61.8% Fibonacci projection. Our short-term bullish momentum is further supported by the stochastic indicator where the %K line would bounce from the support level.

Trading Recommendation

Entry: 0.72836

Reason for Entry:

61.8% Fibonacci projection

Take Profit: 0.73413

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 0.72530

Reason for Stop Loss:

78.6% Fibonacci projection