AUDUSD H4 | Could we see a reversal from here
Title:
AUDUSD H4 | Could we see a reversal from here?
Type:
Bullish bounce
Preference:
The price is reacting off the pivot at 0.6912, which is an overlap support that aligns with the 78.6% Fibonacci projection and the 161.8% Fibonacci extension. A bounce from this level could lead the price toward the 1st resistance at 0.6987, a pullback resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall to the 1st support at 0.6842, which is a swing low support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.