FX.co ★ AUDUSD Potential For Bullish Continuation | 3rd June 2022

On the H4, with price moving above the ichimoku cloud and price moving within the ascending trend channel, we have a bullish bias that price will rise to our 1st resistance at 0.74603 where the swing high is in line with the 78.6% Fibonacci retracement from our 1st support at 0.71718. Alternatively, price may break 1st support structure and head for 2nd support at 0.70435 where the horizontal pullback support is, in line with the 78.6% fibonacci projection and 23.6% Fibonacci retracement.

Trading Recommendation Entry: 0.71718

Reason for Entry:

Overlap support

Take Profit:0.74603

Reason for Take Profit:

swing high, 78.6% Fibonacci retracementStop Loss: 0.70435Reason for Stop Loss:horizontal pullback support, 78.6% fibonacci projection and 23.6% Fibonacci retracement.