FX.co ★ AUDUSD Potential For Bullish Continuation | 25th Feb 2022

On the H4 timeframe, prices are abiding to our bullish channel. We see potential for a bounce from our 1st support at 0.74127 in line with 23.6% Fibonacci retracement and 78.6% Fibonacci extension towards our 1st resistance at 0.72163 in line with 61.8% Fibonacci extension and 38.2% FIbonacci retracement. Our bullish bias is further supported by Ichimoku clouds showing bullish momentum and RSI being at levels where bounces previously occurred. Alternatively, prices dip towards our 2nd support at 0.71019 in line with 100% Fibonacci retracement.

Trading Recommendation

Entry: 0.74127

Reason for Entry:

23.6% Fibonacci retracement and 78.6% Fibonacci extension

Take Profit: 0.72163115.354

Reason for Take Profit:

61.8% Fibonacci extension and 38.2% FIbonacci retracement

Stop Loss: 0.71019

Reason for Stop Loss:

100% Fibonacci retracement.