Title
AUDJPY H1 I Bullish Bounce Off Pivot
Type
Bullish Reversal
Preference:
The price could fall toward the pivot level at 92.74 and could potentially bounce from this key support zone. If the pivot holds, we expect bullish momentum to drive price toward the 1st resistance at 94.05, a pullback resistance that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks below the pivot, it could signal bearish momentum and potentially decline toward the 1st support at 91.95, an overlap support.
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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.