FX.co ★ AUDUSD Potential for Bearish Drop to recent swing low

Description :

Looking at the H4 chart, my overall bias for AUDUSDis bearish due to the current price being below the Ichimoku cloud, and a descending trend line adds confluence to my bias,indicating a bearish market. Looking for a sell entry at 0.70575 where the momentum of the price . We are looking to take profit at 0.68756, where the previous swing low is. Stop loss will be placed at 0.71380 where the previous overlap resistance is.

Trading Recommendation

Entry: 0.70575

Reason for Entry: Ichimoku cloud + price momentum

Take Profit: 0.68756

Reason for Take Profit:

Recent swing low support

Stop Loss: 0.71380

Reason for Stop Loss:

Key resistance area