FX.co ★ AUDUSD Potential for Bearish Drop to 61.8% Fibonacci line

Description :

Looking at the H4 chart, my overall bias for AUDUSD is bearish as the current price is below the Ichimoku Cloud. Looking for a sell entry at 0.68123 where the overlap support is. We are looking to take profit at 0.65646 where the 61.8% Fibonacci line is, Stop loss will be placed at 0.69712, where the recent swing high is.

Trading Recommendation

Entry: 0.68123

Reason for Entry:Overlap support

Take Profit: 0.65646

Reason for Take Profit:

61.8% Fibonacci line

Stop Loss: 0.69712

Reason for Stop Loss:

the recent swing high