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08.02.2023 10:58 AM
AUDUSD Potential for Bearish Drop towards overlap support

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Description :

Looking at the H4 chart, my overall bias for AUDUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. Looking for a pullback sell entry at 0.70159, where the overlap resistance and 50% Fibonacci line is. Stop loss will be at 0.71577, where the recent swing high is. Take profit will be at 0.68660, where the overlap support is.

Trading Recommendation

Entry: 0.70159

Reason for Entry: overlap resistance and 50% Fibonacci line

Take Profit: 0.68660

Reason for Take Profit:

Previous swing high

Stop Loss: 0.71577

Reason for Stop Loss:

Recent swing high

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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