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12.01.2022 09:58 AM
AUDUSD Bearish Breakout | 12th Jan 2022

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On the H4, price broke out of the ascending trendline support, signifying a bearish momentum. We can expect the price to drop from 1st Resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci projection towards 1st Support in line with 50 % Fibonacci retracement and 161.8% Fibonacci projection. Our bearish bias is further supported by the price holding below the Ichimoku cloud and RSI indicator where it is abiding to the descending trendline resistance.

Trading Recommendation

Entry: 0.72158

Reason for Entry:61.8% Fibonacci retracement and 100% Fibonacci projection, graphical overlap resistance

Take Profit: : 0.71266

Reason for Take Profit:50 % Fibonacci retracement and 161.8% Fibonacci projection

Stop Loss: 0.72453

Reason for Stop Loss:

78.6% Fibonacci retracement and 127.2% Fibonacci projection

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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