AUDUSD H4 | Could we see a reversal from here
Title:
AUDUSD H4 | Could we see a reversal from here?
Type:
Bearish reversal
Preference:
The price has rejected the pivot at 0.7230, a resistance level at the 127.2% Fibonacci extension. A drop from this level could lead the price toward the 1st support at 0.7176, an overlap support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 0.7259, which acts as a resistance level at the 161.8% Fibonacci extension.
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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.