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20.06.2022 09:31 AM
AUDNZD Potential For Bearish Continuation | 20th June 2022

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Description:

On the H4, with price moving below the ichimoku cloud and price recently breaking the ascending trendline, we have a bearish bias that price will continue to drop from the 1st resistance at 1.09839 in line with the 61.8% fibonacci projection and pullback resistance to the 1st support at 1.09230 in line with the 100% fibonacci projection and swing low. Alternatively, price may rise from the 1st resistance to the 2nd pullback resistance at 1.10253 in line with the 61.8% fibonacci retracement.

Trading Recommendation Entry: 1.09839

Reason for Entry: 61.8% fibonacci projection and pullback resistance

Take Profit: 1.09230

Reason for Take Profit: 100% fibonacci projection and swing low

Stop Loss: 1.10253

Reason for Stop Loss: 61.8% fibonacci retracement and pullback resistance

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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