Title
AUDUSD H4 | Bearish Drop
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 0.6331, a pullback resistance that aligns close to the 61.8% Fibonacci retracement. A fall from this level could lead the price to drop toward the 1st support at 0.6261, a pullback support that aligns close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 0.6373, a pullback resistance.
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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.