Title
AUDJPY H4 | Potential bearish breakout?
Type
Bearish Breakout
Preference:
Price is falling towards the pivot point of 93.036 which is an overlap support and could potentially break through this level; we could see momentum carry price down to its 1st support at 92.297 which is a major swing-low support. Wait for downside confirmation to provide assurance for the bearish breakout.
Alternative scenario:
If price breaks reverses from the pivot point, it could hit the 1st resistance at 93.862 which is 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.