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

Description :

Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, Looking for a buy entry at 0.70295 where the momentum of the price . We are looking to take profit at 0.71415, where the previous swing high is. Stop loss will be placed at 0.69753 where the recent swing low support is.

Trading Recommendation

Entry: 0.70295

Reason for Entry: Ichimoku cloud + price momentum

Take Profit: 0.71415

Reason for Take Profit:

Recent swing high resistance

Stop Loss: 0.69753

Reason for Stop Loss:

recent swing low support