Title
AUDUSD 4H | Bearish Reversal
Type
Bearish Trend
Preference:
The price is rising toward the pivot level at 0.63464, a pullback resistance that aligns with the 127.2% Fibonacci extension. If the price remains below this level, we could see a pullback towards the 1st support at 0.62904, a pullback support level.
Alternative Scenario:
If the price breaks above the pivot level, it may continue its bullish momentum towards the 1st resistance at 0.64077, which coincides with the 161.8% Fibonacci retracement and a pullback resistance zone.
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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.