FX.co ★ AUDUSD Bullish Bounce | 14th Feb 2022

Price broke out of the descending channel, signifying an overall bullish momentum. We can expect price to bounce from 1st Support in line with 61.8% Fibonacci retracement, 127.2% Fibonacci projection and graphical overlap support towards 1st Resistance in line with previous swing high and 78.6% Fibonacci projection. Our bullish bias is further supported by the Ichimoku indicator where the prices are holding above the cloud.

Trading Recommendation

Entry:0.71144

Reason for Entry: 61.8% Fibonacci retracement, 127.2% Fibonacci projection and graphical overlap support

Take Profit: : 0.72584

Reason for Take Profit:Previous swing high and 78.6% Fibonacci projection

Stop Loss:0.70706

Reason for Stop Loss:

161.8% Fibonacci projection