Title
AUDUSD H4 | Potential bounce off 38.2%
Type
Bullish Bounce
Preference:
Price is testing our pivot point at 0.65747 that aligns with a 38.2% Fibonacci retracement. A bounce off from here, price could rally to 1st resistance at 0.66686 which is a multi swing high resistance level.
Alternative scenario:
However, if price breaks below the pivot, it could fall to 1st support at 0.64944 which is an overlap support 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.