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AUDUSD potential bearish breakout | 22nd Nov 2021

analytics619b18a392aa7.jpg

On the H4, we can see that price broke out of the ascending channel on the daily and abiding to the descending trendline on the H4. We can expect the price to drop from 1st Resistance in line with 78.6% Fibonacci Retracement and 23.6% Fibonacci retracement towards the 1st Support in line with 127.2% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it and it is forming a strong resistance level.

Trading Recommendation

Entry: 0.72525

Reason for Entry:

78.6% Fibonacci Retracement and 23.6% Fibonacci retracement

Take Profit: 0.71716

Reason for Take Profit:

127.2% Fibonacci projection

Stop Loss: 0.72541

Reason for Stop Loss:

61.8% Fibonacci projection

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