Forex Analysis & Reviews: AUDUSD Potential for Bearish Drop | 16th September 2022

On the H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.67105, which is in line with the swing low. If the 1st support level is broken, the 2nd support could be at 0.66122, where the 100% fibonacci projection is. Alternatively, the price may rise to the 1st resistance at 0.67717, which is in line with the 38.2% fibonacci retracement and overlap resistance.

Trading Recommendation
Entry: 0.67105
Reason for Entry: Swing low
Take Profit: 0.66122
Reason for Take Profit: 100% fibonacci projection
Stop Loss: 0.67717
Reason for Stop Loss:
38.2% fibonacci retracement and overlap resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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