Looking at the H4 chart, my overall bias for AUDUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to break the 1st resistance at 0.67711, where the 61.8% Fibonacci line is, before heading towards the 2nd resistance at 0.69161, where the 78.6% Fibonacci line is. In an alternative scenario, price could possibly head back down towards the 1st support line at 0.65849, where it is slightly above where the 38.2% Fibonacci line is.
Trading Recommendation
Entry: 0.67711
Reason for Entry: Retest of the 1st resistance line
Take Profit: 0.65849
Reason for Take Profit:
1st support line
Stop Loss: 0.68507
Reason for Stop Loss:
Previous swing high
