AUDUSD H4 Potential for Bearish Pressure | 21st April 2022
Price is dropping towards the ascending trendline. We see the potential for a bearish reversal from sell entry level of 0.74568 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection towards the take profit level of 0.73559 in line with78.6% Fibonacci projection, 161.8% Fibonacci extension and 78.6% Fibonacci retracement. Our bearish bias is further supported by price being pushed down by Ichimoku cloud. However, there is a probability that price might break through the key pivot level to rise up towards stop loss level of 0.75381 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection.
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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.