FX.co ★ AUDUSD Potential for Bearish Drop | 4th November 2022

On the H4, with the price crossing the ichimoku cloud and breaking ascending trendline, we can expect the price drop from the 1st resistance at 0.63351, which is in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 0.61921, where the swing low is. Alternatively, the price may rise to the 2nd resistance at 0.64252, where the 61.8% fibonacci retracement is.

Trading Recommendation

Entry: 0.63351

Reason for Entry: 23.6% fibonacci resistance and overlap support

Take Profit: 0.61921

Reason for Take Profit:

Swing low

Stop Loss: 0.64252

Reason for Stop Loss:

61.8% fibonacci retracement