FX.co ★ AUDUSD Potential for Bullish Rise | 5th October 2022

On the H4, with the price testing the intermediate resistance at 0.65333, where the 23.6% fibonacci retracement sits, crossing ichimoku cloud and RSI is showing an ascending trendline, if the price can break the intermediate resistance successfully, we can expect the price rise to the 1st resistance at 0.66373, which is in line with the 50% and 38.2% fibonacci retracement. Alternatively, the price may drop to the 1st support at 0.65422, where the overlap support, if the 1st support is broken, we can expect the price to drop to the 2nd support at 0.63630, where the swing low is.

Trading Recommendation

Entry: 0.65333

Reason for Entry: 23.6% fibonacci retracement

Take Profit: 0.66373

Reason for Take Profit:

50% and 38.2% fibonacci retracement

Stop Loss: 0.65422

Reason for Stop Loss:

Overlap support