FX.co ★ AUDNZD Potential For Bounce! | 8th Apr 2022

On the H4, prices are on bullish momentum and abiding by our ascending trendline support. We see the potential for a bounce from our 1st support at 1.08543 in line with 61.8% Fibonacci Projection and also ascending trendline support towards our 1st resistance at 1.09100 in line with swing high and also 78.6% Fibonacci Projection. Prices are trading above our Ichimoku cloud support further supporting our bullish bias. Breaking our 1st support will find prices dipping towards our 2nd support at 1.08325 in line with 78.6% Fibonacci projection.

Trading Recommendation

Entry: 1.08543

Reason for Entry:

61.8% Fibonacci Projection and also ascending trendline support

Take Profit: 1.09100

Reason for Take Profit:Swing high and also 78.6% Fibonacci Projection

Stop Loss: 1.08325

Reason for Stop Loss:

78.6% Fibonacci projection