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01.02.2023 10:17 AM
AUDUSD Potential for Bearish Drop to recent swing low

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Description :

Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, Looking for a buy entry at 0.70295 where the momentum of the price . We are looking to take profit at 0.71415, where the previous swing high is. Stop loss will be placed at 0.69753 where the recent swing low support is.

Trading Recommendation

Entry: 0.70295

Reason for Entry: Ichimoku cloud + price momentum

Take Profit: 0.71415

Reason for Take Profit:

Recent swing high resistance

Stop Loss: 0.69753

Reason for Stop Loss:

recent swing low support

Dean Leo,
Analytical expert of InstaForex
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