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

Description :

Looking at the H4 chart, my overall bias for AUDUSD is slightly bearish as there is a key resistance level, Looking for a sell entry at 0.63645 where below the overlap resistance and 23.6% Fibonacci retracement . We are looking to take profit at 0.68653, which is the recent swing low, Stop loss will be placed at 0.71522, where the recent swing high is.

Trading Recommendation

Entry: 0.63645

Reason for Entry:Key resistance level + descending trend line + 23.6% Fibonacci retracement

Take Profit: 0.62718

Reason for Take Profit:

recent swing low

Stop Loss: 0.64070

Reason for Stop Loss:

recent swing high