FX.co ★ AUDUSD Potential For Bullish Continuation | 20th April 2022

On the H4 timeframe, price is abiding by the ascending trendline. We expect a bullish continuation from 1st support level of 0.74019 in line with 23.6% Fibonacci retracement rising towards 1st resistance level of 0.74767 along with a graphical pull back resistance. Alternatively, price might break 1st support level and head towards the 2nd support level of 0.73294 which in line with 61.8% Fibonacci retracement, 61.8% Fibonacci projection, 161.8% Fibonacci extension and -27.2% Fibonacci expansion.

Trading Recommendation

Entry: 0.74019

Reason for Entry: 23.6% Fibonacci retracement

Take Profit: : 0.74767

Reason for Take Profit: graphical pull back resistance.

Stop Loss: 0.73294

Reason for Stop Loss:

61.8% Fibonacci retracement, 61.8% Fibonacci projection, 161.8% Fibonacci extension and -27.2% Fibonacci expansion.