AUDUSD bearish continuation | 8th Dec 2021

On the H4, price is abiding to the descending trendline resistance, signifying bearish momentum. We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci extension. Our bearish bias is further supported by the Ichimoku cloud indicator acting as a resistance.

Trading Recommendation

Entry:0.71247

Reason for Entry:

38.2% FIbonacci retracement and 127.2% Fibonacci projection

Take Profit: 0.69957

Reason for Take Profit:

78.6% Fibonacci projection

Stop Loss: 0.71702

Reason for Stop Loss:

161.8% Fibonacci projection

The material has been provided by InstaForex Company - www.instaforex.com

from RobotFX