AUDUSD Potential for Bearish Momentum

2022年9月30日

On the H4, the price is moving in a strong bearish trend. To add on confluence to this bias, the price is below the Ichimoku cloud which indicates a bear market. Currently, the price is testing the sell entry at 0.65255, which is in line with the 23.6% fibonacci retracement. The price may drop from here to the take profit at 0.63644, which is in line with the swing low, 161.8% fibonacci extension and 127.2% Fibonacci projection. Alternatively, the price may rise to the stop loss at 0.65780, where the 38.2% fibonacci retracement is.

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