logo

FX.co ★ AUDUSD bearish continuation | 25th Nov 2021

AUDUSD bearish continuation | 25th Nov 2021

AUDUSD bearish continuation | 25th Nov 2021

On the H4, we can see that price broke out of the ascending channel on the daily and abiding to the descending trendline on the H4. We can expect the price to drop from 1st Resistance in line with 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it and it is forming a strong resistance level.

Trading Recommendation

Entry: 0.72317

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 0.71716

Reason for Take Profit:

127.2% Fibonacci Projection

Stop Loss: 0.72524

Reason for Stop Loss:

61.8% Fibonacci projection and 38.2% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account