AUDUSD Potential for Bullish Countitunation | 12th August 2022

On the H4, with the price is over ichimoku cloud and MACD histograms are above zero axis, we have a bullish bias that price may rise from the buy entry at 0.70679, where the pullback support and 23.6% fibonacci retracement are to the take profit at 0.71603 where the 78.6% fibonacci projection , 78.6% fibonacci retracement and swing low are. Alternatively, price may drop to the stop loss at 0.69984 which is in line with 50% fibonacci retracement and pullback support.

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