Title
AUDUSD, Day | Bounce off support level
Type
Bearish Breakout
Preference:
Price has just bounced off our pivot point of 0.65012 which is a pullback support level. A reverse from here, price could rally to 1st resistance at 0.65818 which is a pullback resistance level.
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support level at 0.63928 which is a swing low support level
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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.