FX.co ★ AUDUSD Potential for Bullish Continuation | 15th December 2022

Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to continue heading towards the 1st resistance at 0.69161, where the 78.6% Fibonacci line is. In an alternative scenario, price could possibly head back down towards the 1st support line at 0.67711, where the 61.8% Fibonacci line is.

Trading Recommendation

Entry: 0.68508

Reason for Entry: Previous swing high

Take Profit: 0.69161

Reason for Take Profit:

1st resistance line

Stop Loss: 0.68105

Reason for Stop Loss:

Recent low