AUDUSD bullish breakout | 10th Dec 2021

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On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support.

Trading Recommendation

Entry:0.71247

Reason for Entry:

23.6% FIbonacci retracement

Take Profit: 0.72303

Reason for Take Profit:

61.8% Fibonacci projection and 61.8% Fibonacci retracement

Stop Loss: 0.70957

Reason for Stop Loss:

50% Fibonacci retracement

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

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