FX.co ★ AUDUSD Potential For Bullish Continuation | 27th July 2022

On the H4, with price moving above the ichimoku cloud and breaking out of the descending trend channel and moving in an ascending support, we have a bullish bias that price will rise from the 1st resistance at 0.69838 at the overlap resistance in line with the 78.6% fibonacci retracement to the 2nd resistance at 0.70663 at the swing high. Alternatively, price may reverse off 1st resistance and drop to the 1st support at 0.68021 at the overlap support.

Trading Recommendation

Entry: 0.69838

Reason for Entry:

Overlap resistance in line with the 78.6% fibonacci retracementTake Profit: 0.70663

Reason for Take Profit:Swing high Stop Loss: 0.68021

Reason for Stop Loss:Overlap support