FX.co ★ AUDUSD Potential For Bullish Rise | 2nd September 2022

On the H4, with the price moving below the ichimoku cloud, moving within the descending channel and MACD indicators are below zero, we have a bearish bias that the price may drop from the 1st support at 0.67749, which is in line with the swing low to the 2nd support at 0.67088, where the swing lows are. Alternatively, the price may rise to the 1st resistance 0.68614, where the overlap resistance and 23.6% fibonacci retracement are.

Trading Recommendation

Entry: 0.67749

Reason for Entry:Swing low

Take Profit:0.67088

Reason for Take Profit:Swing lows

Stop Loss: 0.68614

Reason for Stop Loss:

Overlap resistance and 23.6% fibonacci retracement