AUDUSD H4 | Falling towards strong support
Title:
AUDUSD H4 | Falling towards strong support
Type:
Bullish bounce
Preference:
The price is falling towards the pivot at 0.7031, an overlap support that aligns with the 161.8% Fibonacci extension and is slightly above the 61.8% Fibonacci retracement. A bounce at this level could lead the price toward the 1st resistance at 0.7087, an overlap resistance.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 0.6995, an overlap 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.