Title
AUDUSD H4 I Bearish reversal?
Type
Bearish Drop
Preference:
The price is currently at our pivot point of 0.6605, which serves as an overlap resistance level that closes to the 61.8% fibo retracement.
A reverse from this point could lead the price to fall to the 1st support at 0.6529, an overlap support.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 0.6693, above a multi swing high resistance 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.