FX.co ★ AUDUSD Potential Drop to Previous overlap support

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 pullback sell entry at 0.68382 where the recent overlap resistance is. We are looking to take profit at 0.66440 where the overlap support and 50% Fibonacci line are, Stop loss will be placed at 0.69919 where the recent overlap swing high is.

Trading Recommendation

Entry: 0.68382

Reason for Entry:recent overlap resistance

Take Profit: 0.66440

Reason for Take Profit:

overlap support and 50% Fibonacci line

Stop Loss:0.69919

Reason for Stop Loss:

recent overlap swing high