Title
AUDUSD H4 | Bullish reversal off pivot?
Type
Bullish Bounce
Preference:
Price is approaching our pivot point at 0.6515, which is at a swing low support level. If price rejects this swing low support, we could expect price to rise to the 1st resistance, at 0.6599, which is an overlap resistance and at the 38.2% fibo retracement.
Alternative scenario:
If price breaks below the pivot point, then we can expect price to fall to the 61.8% fibo projection, which is right above the 1st support at 0.6457.
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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.