FX.co ★ AUDUSD potential for rise to recent swing high resistance

Description :

Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud; an ascending trend line adds confluence to my bias,indicating a bullish market. Looking for a buy entry at 0.71438 where the recent swing high is. we are looking to take profit at 0.72625, where the recent swing high is. Stop loss will be placed at 0.72625 where the previous overlap support is.

Trading Recommendation

Entry: 0.71438

Reason for Entry: bullish channel + Ichimoku cloud

Take Profit: 0.72625

Reason for Take Profit:

Recent swing high resistance

Stop Loss: 0.72625

Reason for Stop Loss:

Key support area