FX.co ★ AUDUSD Potential for Bearish Drop | 29th 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. If this 1st resistance line is broken, expect the price to head towards the 2nd resistance at 0.69161, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support line at 0.65849 where the 38.2% Fibonacci line is.

Trading Recommendation

Entry: 0.66828

Reason for Entry: 50% Fibonacci line

Take Profit: 0.65848

Reason for Take Profit:

1st support line and previous swing low

Stop Loss: 0.67711

Reason for Stop Loss:

1st resistance line and revious swing high