Title
AUDUSD H4 | Falling from 50% Confluence?
Type
Bearish Reversal
Preference:
The price is approaching the pivot level of 0.6454, a pullback resistance close to 50% Fibonacci retracement. A reversal from this level could cause the price to fall to 1st support at 0.6406, a swing low support.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 0.6487, a pullback resistance close to 50% Fibonacci retracement,
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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.