AUDUSD Potential for Bearish Continuation| 27th Sept 2022
On the H4 chart, the price is moving in an extreme descending manner. To add to the confluence of this bear market, the price is below the Ichimoku cloud which further indicates a bear market. We are looking for a pullback buy entry at 0.65542 where the 50% Fibonacci retracement line lies. Stop loss will be at 0.66707 where the 100% Fibonacci projection lies. Take profit will be at 0.63997 where the 161.8% Fibonacci extension line lies.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.