FX.co ★ AUDUSD Potential For Bullish Continuation | 2nd August 2022

On the H4, with price moving above the ichimoku cloud and going along the ascending trend channel, we have a bullish bias that price will rise from the 1st resistance at 0.70538, where the 61.8% fibonacci retracement is to the 2nd resistance at 0.71534 at the swing high and 78.6% fibonacci retracement. Alternatively, price may reverse off 1st resistance and drop to the 1st support at 0.68970 at 38.2% fibonacci retracement.

Trading Recommendation

Entry: 0.63237

Reason for Entry:Overlap resistance

Take Profit: 0.63963

Reason for Take Profit:Swing highStop Loss: 0.61924

Reason for Stop Loss:

Multiple swing lows and 50% fibonacci retracement