FX.co ★ AUDUSD Potential For Bullish Continuation | 27th May 2022

On the H1, with price moving above the Ichimoku cloud and price moving within the ascending trend channel, we have a bullish bias that price will rise to our 1st resistance at 0.72673 where the swing high is from our 1st support at 0.71004 in line with the 61.8% Fibonacci retracement. Alternatively, price may break support structure and head for 2nd support at 0.69442 where the horizontal pullback support and 23.6% Fibonacci retracement is.

Trading Recommendation

Entry:0.71004Reason for Entry:

61.8% Fibonacci retracement

Take Profit:0.72673

Reason for Take Profit:

Stop Loss: 0.69442Reason for Stop Loss:

Horizontal pullback support and 23.6% Fibonacci retracement