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18.11.2021 04:26 AM
AUDUSD potential short term bullish bounce | 18th Nov 2021

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On the H4, we can see that price abiding to the ascending channel on the daily and descending trendline on the H4. We can expect price to make a bounce from 1st Support in line with 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards the 1st Resistance in line with 78.6% Fibonacci projection and 23.6% Fibonacci retracement. Our bullish bias is further supported by stochastic indicator where the %K line is at the support level awaiting for a bounce.

Trading Recommendation

Entry: 0.72530

Reason for Entry:

78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support

Take Profit: 0.73316

Reason for Take Profit:

78.6% Fibonacci projection and 23.6% Fibonacci retracement

Stop Loss: 0.72256

Reason for Stop Loss:

100% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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