FX.co ★ AUDUSD Potential for Bearish Drop | 16th November 2022

With the price moving above the ichimoku cloud on the H4, we have a bullish bias that the price may break the first resistance at 0.67711, which is in line with the 61.8% fibonacci line, before heading towards the 2nd resistance line at 0.69161, the previous swing high. Alternatively, the price could fall to the first support level at 0.65398, which is marked by the 38.2% Fibonacci line.

Trading Recommendation

Entry: 0.67711

Reason for Entry: 1st resistance line

Take Profit: 0.65398

Reason for Take Profit:

1st support line

Stop Loss: 0.69161

Reason for Stop Loss:

Previous swing high and 2nd resistance line