FX.co ★ AUDUSD Potential for Bullish Rise | 20th September 2022

On the H4, with the Stoch is rising from the support level, we have a weak bullish bias that the price may rise from the 1st resistance at 0.67284, which is in line with the 23.6% fibonacci retracement to the 2nd resistance at 0.67748, which is in line with the 23.6% fibonacci retracement and 38.2% fibonacci retracement. Alternatively, as the price is below ichimoku cloud, the price may retest the 1st support at 0.66722, which is in line with the 78.6% fibonacci retracement and swing low.

Trading Recommendation

Entry: 0.67284

Reason for Entry: 23.6% fibonacci retracement

Take Profit: 0.67748

Reason for Take Profit: 23.6% fibonacci retracement and 38.2% fibonacci retracement

Stop Loss: 0.66722

Reason for Stop Loss:

78.6% fibonacci retracement and swing low