FX.co ★ AUDUSD Potential for Bullish Continuation | 22nd November 2022

With the price moving above the ichimoku cloud on the H4, we have a bullish bias that the price may break the first resistance at 0.67711, which is in line with the 61.8% fibonacci line, before heading towards the 2nd resistance line at 0.69161, the previous swing high. Alternatively, the price could fall to the first support level at 0.65398, which is marked by the 50% Fibonacci line.

Trading Recommendation

Entry: 0.65398

Reason for Entry: 1st support line

Take Profit: 0.67711

Reason for Take Profit:

1st resistance line & previous swing high

Stop Loss: 0.64076

Reason for Stop Loss:

Previous swing low and 2nd support line