Title
AUDUSD H4 | Potential Bullish Reversal
Type
Bullish Bounce
Preference:
The price has bounced back from the pivot point at 0.66373, which is a swing low support level that aligns with an ascending trendline and the 61.8% Fibonacci retracement level. If the price keeps climbing, it has the potential to hit 1st resistance level of 0.67222.
Alternative scenario:
On the other hand, if the price breaks below the pivot point, it could drop down to 1st support level at 0.65587 which is slightly below 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.