Title
AUDUSD H1 I Falling towards the Fibonacci confluence
Type
Bullish reversal
Preference:
The price is falling towards the pivot at 0.6492, which is a pullback support that aligns with the 78.6% Fibonacci retracement, 127.2% Fibonacci extension, and the 78.2% Fibonacci projection. A bounce at this level could lead the price toward the 1st resistance at 0.6516, a pullback resistance..
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 0.6472, which is a pullback support that aligns with 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.