FX.co ★ AUDUSD Potential for Bullish Continuation | 24th November 2022

Looking at the H4 chart, my overall bias for ADUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to continue heading towards the 1st resistance at 0.67711 where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly head back down to retest the 1st support line at 0.65398 where the 50% Fibonacci line is.

Trading Recommendation

Entry: 0.66810

Reason for Entry: 38.2% Fibonacci retracement line

Take Profit: 0.67977

Reason for Take Profit:

Slight above the 1st resistance line & previous swing high

Stop Loss: 0.65848

Reason for Stop Loss:

Previous swing low