Title
AUDCHF H4 | Bullish bounce off
Type
Bullish bounce
Preference:
The price has bounced off the pivot at 0.52891, a pullback support. A riseo at this level could lead the price toward the resistance at 0.53302, a pullback resistance that is slightly above the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 0.52694, a pullback 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.