Title
AUDUSD H4 | Reverse from a key resistance
Type
Bearish Reversal
Preference:
Price has just reversed from our pivot point at 0.67172 which is a pullback resistance that lines up with 61.8% Fibonacci retracement. If price were to reverse, it could falling to 1st support at 0.66605 which is a pullback support level
Alternative scenario:
However, if price were to break above, it could rally to 1st resistance at 0.67711 which is a swing high resistance
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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.