AUDUSD, H4 | Potential Bearish Continuation

43033 audusd h4 potential bearish continuation

Type:

Bearish Breakout

Key Levels:

Resistance: 0.68527

Pivot: 0.67646

Support: 0.66034

Preferred Case:

On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will continue to drop from the pivot at 0.67646 in line with the 100% projection to the 1st support at 0.66034 in line with the 161.8% fibonacci extension and 78.6% fibonacci projection .

Alternative Scenario:

Alternatively, price may reverse off the pivot and rise to the 1st resistance at 0.68527 in line with the overlap swing high and 100% fibonacci projection

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Written by Desmond Leong

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.


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