FX.co ★ AUDUSD Potential for Bullish Continuation | 5th December 2022

Looking at the H4 chart, my overall bias for ADUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to continue heading towards the 1st resistance at 0.69161, where the previous swing high and 78.6% Fibonacci line are. In an alternative scenario, price could possibly head back down to retest the 1st support line at 0.67711 where the 61.8% Fibonacci line is.

Trading Recommendation

Entry: 0.68293

Reason for Entry: Immediate entry to take advantage of the bullish momentum

Take Profit: 0.69161

Reason for Take Profit:

1st resistance line and previous swing high

Stop Loss: 0.67427

Reason for Stop Loss:

Slightly below the 1st support line and previous low