FX.co ★ AUDUSD Potential for Bullish Rise| 13th October 2022

On H4, with the MACD is showing a golden cross, we have a bullish bias that the price may rise from the buy entry at 0.62629, which is in line with the swing low to the take profit at 0.63876, where the 23.6% fibonacci retracement and 50% fibonacci retracement are. Alternatively, the price may drop to the stop loss at 0.62035, where the 61.8% fibonacci projection is.

Trading Recommendation

Entry: 0.62629,

Reason for Entry: swing low

Take Profit: 0.63876

Reason for Take Profit:

23.6% fibonacci retracement and 50% fibonacci retracement

Stop Loss: 0.62035

Reason for Stop Loss:

61.8% fibonacci projection