FX.co ★ AUDUSD Potential For Bearish Continuation | 14th June 2022

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will continue to drop from the 1st resistance at 0.69500 in line with the overlap resistance to the 1st support at 0.68264 in line with the 100% fibonacci projection and swing low support. Alternatively, price may break the 1st resistance structure and rise to the 2nd resistance at 0.70383 at the pullback resistance and 38.2% fibonacci retracement.

Trading Recommendation Entry: 0.69500

Reason for Entry:

Horizontal overlap resistance

Take Profit: 0.68264

Reason for Take Profit:

100% fibonacci projection and swing low support

Stop Loss: 0.70383

Reason for Stop Loss:

Horizontal pullback resistance and 38.2% fibonacci retracement