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AUDUSD, H4 | Bullish Bounce

30629 audusd h4 bullish bounce

Type: Bullish BounceKey Levels:Resistance: 0.73104Pivot: 0.71707Support: 0.71282Preferred Case:Price is abiding to the ascending channel, signifying an overall bullish momentum. We can expect price to bounce from pivot in line with 100% Fibonacci projection and ascending channel support towards 1st Resistance in line with 78.6% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line is approaching the support level.Alternative Scenario:Alternatively, price could go further down to 1st Support in line with 127.2% fibonacci projection.

Source: Tickmill

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