FX.co ★ AUDUSD Potential for Bullish Rise| 17th October 2022

On the H4, the price is below the descending channel and ichimoku cloud, we are looking for the price drop to the 1st support at 0.61921, which is in line with the 61.8% fibonacci projection and swing low support. If the 1st support is broken, the 2nd support could be at 0.59922, where the 100% fibonacci projection and previous swing low are. Alternatively, the price may rise to retest the 1st resistance at 0.63411, which is in line with the 23.6% fibonacci retracement and 50% fibonacci retracement.

Trading Recommendation

Entry: 0.61921

Reason for Entry: 61.8% fibonacci projection and swing low

Take Profit: 0.59922

Reason for Take Profit:

100% fibonacci projection and previous swing low

Stop Loss: 0.63411

Reason for Stop Loss:

23.6% fibonacci retracement and 50% fibonacci retracemen