AUDUSD, H4 I Potential Drop


Type: Bearish ReversalKey Levels:Resistance: 0.71703Pivot: 0.71235Support: 0.7029Preferred Case:On the H4, with price moving below the Ichimoku cloud and the descending trendline, we have a bearish bias that price will drop from our pivot at 0.71235 where the horizontal swing high resistance, 61.8% Fibonacci retracement and 78.6% Fibonacci projection is to our 1st support at 0.7029 in line with the horizontal swing low support and 78.6% Fibonacci projection.Alternative Scenario:Alternatively, price may break structure and head for 1st resistance at 0.71703 where the horizontal swing high resistance is.

Source: Tickmill

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