FX.co ★ AUDUSD Bearish Dip| 6th Apr 2022

On the H4, prices have bounced off a pivot. We see the potential for a dip from our 1st resistance at 0.76387 in line with 127.2% Fibonacci extension towards our 1st support at 0.74710 in line with 38.2% Fibonacci retracement. Alternatively, prices may climb higher towards our 2nd resistance at 0.77333 in line with 161.8% Fibonacci Projection. Our bearish bias is supported by RSI being at levels where dips previously occurred.

Trading Recommendation

Entry: 0.76387

Reason for Entry:

127.2% Fibonacci extensionTake Profit: 0.74710

Reason for Take Profit:38.2% Fibonacci retracement

Stop Loss: 0.77333

Reason for Stop Loss:

161.8% Fibonacci Projection