FX.co ★ AUDUSD Potential For Bearish Pullback | 3rd Mar 2022

On the H4 timeframe, prices are consolidating in a parallel channel. We see potential for bearish dip from our 1st resistance at 0.73091 in line with 100% Fibonacci retracement and towards our 1st support at 0.73072 which is in line with 23.6% Fibonacci retracement and 38.2% Fibonacci retracement. Alternatively, price can potentially climb higher to the 2nd resistance level at 0.73496 in line with 127.2% Fibonacci projection. Our bearish bias is further supported by bearish divergence spotted on RSI

Trading Recommendation

Entry: 0.73091Reason for Entry:

100% Fibonacci retracement

Take Profit: 0.73072

Reason for Take Profit:

3.6% Fibonacci retracement and 38.2% Fibonacci retracement.

Stop Loss: 0.73496

Reason for Stop Loss:

127.2% Fibonacci projection