Title
AUDUSD H4| Bearish Reversal
Type
Bullish reversal
Preference:
The price is currently testing the pivot level at 0.6406, a pullback support close to the 161.8% Fibonacci extension and the 61.8% Fibonacci projection. A reversal from this level could lead the price to fall toward the 1st support at 0.6369, a pullback support level.
Alternative Scenario:
If price breaks above the pivot, it could rise toward 1st resistance at 0.6460, an overlap resistance close to the 100% Fibonacci projection
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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.