FX.co ★ AUDUSD Potential For Bullish Rise | 5th September 2022

On the H4, with the price moving below the ichimoku cloud and moving within the descending channel, we have a bearish bias that the price may drop from the 1st support at 0.67619, which is in line with the multiple swing lows to the 2nd support at 0.67098, where the swing lows are. Alternatively, the price may rise to the 1st resistance 0.68286, where the 23.6% fibonacci retracement is.

Trading Recommendation

Entry: 0.67619

Reason for Entry:Multiple swing lows

Take Profit: 0.67098

Reason for Take Profit:Swing lows

Stop Loss:0.68286

Reason for Stop Loss:

23.6% fibonacci retracement