Title
AUDUSD H1 | Bullish Bounce
Type
Bullish Bounce
Preference:
The price is moving towards the pivot level of 0.6863, which serves as a pullback resistance near the 50% Fibonacci retracement. A reversal at this level could cause the price to drop to the 1st support at 0.6787, an overlap support. Additionally, the price is currently below the Ichimoku cloud, suggesting bearish momentum.
Alternative Scenario:
If the price breaks above the pivot, it may rise to the 1st resistance level at 0.6908, which acts as 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.