AUDUSD Potential For Bearish Continuation

22 thg 9, 2022

On the H4, with the price moving within the descending channel and below ichimoku cloud, if the price can break the descending channel successfully, we could have a bearish bias that the price may drop from the sell entry at 0.68914, which is the breakout of the current descending channel to the take profit at 0.65107, which is in line with the 127.2% fibonacci extension, 141.4% fibonacci extension and 100% fibonacci projections. Alternatively, the price may bounce off from the lower bond of the descending channel and rise to the stop loss at 0.66595, where the 23.6% fibonacci retracement is.

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