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29.12.2022 12:50 PM
AUDUSD Potential for Bearish Drop | 29th December 2022

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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. If this bearish momentum continues, expect the price to continue heading towards the 1st support at 0.65849, where the 78.6% Fibonacci line is. In an alternative scenario, price could possibly head back up towards the 1st resistance at 0.67711, where the 61.8% Fibonacci line is

Trading Recommendation

Entry: 0.67711

Reason for Entry:

1st resistance line

Take Profit: 0.65849

Reason for Take Profit:1st support line

Stop Loss: 0.68932

Reason for Stop Loss:

Previous swing high

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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