FX.co ★ AUDUSD Potential For Bullish Bounce | 18th April 2022

On the H4 timeframe, price is abiding by the ascending trendline. We see the potential for bullish bounce from our 1st support at 0.73625 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection towards our 1st resistance at 0.74756 which is in line with 38.2% Fibonacci retracement. Alternatively, price might break through the key support level and head towards the 2nd support level of 0.72848 which lines up with 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 0.73625

Reason for Entry: 61.8% Fibonacci retracement and 100% Fibonacci projection.

Take Profit: : 0.74756

Reason for Take Profit: 38.2% Fibonacci retracement.

Stop Loss: 0.72848

Reason for Stop Loss:

78.6% Fibonacci retracement.