FX.co ★ AUDUSD Potential for Bullish Continuation | 23rd November 2022

With the price crossing below the ichimoku cloud on the H4, we have a bearish bias that the price may fall to the first support level at 0.65398, which is marked by the 50% Fibonacci line. Alternatively, the price could 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.

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