AUDUSD bearish continuation | 8th Dec 2021

analytics61b03fc7d6dc6.jpg

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
- Need a custom expert advisor?
- Try the Complex Trader EA.

Share this:

Forward
Backward