FX.co ★ AUDUSD Potential For Bullish Continuation | 8th July 2022

On the H4, with price recently breaking out of the descending trendline and RSI moving in an ascending trendline, we have a bullish bias that price will continue to rise from the 1st support at 0.68182 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 0.69637 at the swing high in line with the 100% fibonacci projection. Alternatively, price may reverse off the 1st support and drop to the 2nd support at 0.6724 at the swing low in line with the 78.6% fibonacci projection

Trading Recommendation

Entry: 0.68182

Reason for Entry:

Pullback support and 61.8% fibonacci projectionTake Profit: 0.69637

Reason for Take Profit:Swing high in line with the 100% fibonacci projectionStop Loss: 0.6724

Reason for Stop Loss:Swing high and 78.6% fibonacci retracement