FX.co ★ DOGEUSD Potential For Bullish Rise | 18th January 2023

Looking at the H4 chart, my overall bias for DOGEUSD 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 possibly continue heading towards the 1st resistance at 0.0933, where the 61.8% Fibonacci projection line is. In an alternative scenario, price could possibly head back down to retest the 1st support at 0.0817, where the 38.2% Fibonacci line is.

Trading Recommendation

Entry: 0.0817

Reason for Entry: Retest 1st support level

Take Profit:0.0933

Reason for Take Profit: 1st resistance

Stop Loss: 0.0746

Reason for Stop Loss:

2nd support line