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03.12.202110:02 Forex Analysis & Reviews: AUDCHF short-term bullish bounce | 3rd Dec 2021

Exchange Rates 03.12.2021 analysis

On the H4 timeframe, price is abiding to the descending trendline resistance, signifying bearish momentum. However, we can expect a short-term retracement, we can expect price to drop from the 1st Resistance in line with 78.6% Fibonacci retracement and 127.2% Fibonacci projection towards the 1st Support in line with 127.2% Fibonacci retracement and 100% Fibonacci projection. Our short-term bullish bounce is further supported by the stochastic indicator where the %K line is at the support level.

Trading Recommendation

Entry:0.64966

Reason for Entry:

127.2% Fibonacci retracement and 100% Fibonacci projection

Take Profit: 0.66015

Reason for Take Profit:

78.6% Fibonacci retracement and 127.2% Fibonacci projection

Stop Loss: 0.64729

Reason for Stop Loss:

161.8% Fibonacci retracement and 127.2% Fibonacci projection

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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