Title
AUDUSD H1 | Bullish Continuation
Type
Bullish Reversal
Preference:
The price is currently falling towards the pivot level at 0.6161, a pullback support that aligns with the 61.8% Fibonacci retracement. A bounce from this level could lead the price to rise towards the 1st resistance at 0.6205, an overlap resistance that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it may fall toward the 1st support at 0.6131, a significant swing low support zone.
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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.