FX.co ★ AUDUSD, Potential For Bullish Bounce | 7th June 2022

On the H4, with price expected to bounce off the ichimoku indicator support, we have a bullish bias that price will rise to our 1st resistance at 0.72679 in line with the horizontal swing high resistance and 50% fibonacci retracement level from our 1st support of 0.71471 in line with the horizontal swing low support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support and head for 2nd support at 0.70475 in line with horizontal swing low support and 50% Fibonacci retracement.

Trading Recommendation

Entry: 0.71471

Reason for Entry: Horizontal swing low support and 23.6% Fibonacci retracementTake Profit: 0.72679

Reason for Take Profit: Horizontal swing high resistance and 50% fibonacci retracementStop Loss: 0.70475

Reason for Stop Loss:

Horizontal swing low support and 50% Fibonacci retracement