FX.co ★ AUDUSD Potential for Bearish Rise | 3rd November 2022

On the H4 chart, as the price is breaking the ascending trendline and below ichimoku cloud, we have a bearish bias that the price may drop form the 1st support at 0.63351, which is in line with the 50% fibonacci resistance and overlap support to the 2nd support at 0.61921, where the swing low is. Alternatively, the price may rise to the 1st resistance at 0.64253, which is in line with the 50% fibonacci retracement.

Trading Recommendation

Entry: 0.63351

Reason for Entry: 50% fibonacci resistance and overlap support

Take Profit: 0.61921

Reason for Take Profit:

Swing low

Stop Loss: 0.64253

Reason for Stop Loss:

50% fibonacci retracement