Title
AUDUSD H4 | Bullish bounce off 38.2% fibo?
Type
Bullish Bounce
Preference:
Price is falling to our pivot point at 0.6588, which is an overlap support, aligning with the 38.2% fibo retracement. If price bounces off our pivot point, price could rise towards the 1st resistance at 0.6629, which is a swing high resistance level.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 0.6560, which is below the 50% fibo retracement.
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Source: Tickmill
