AUDUSD, H4 | Potential Bullish Continuation

39866 audusd h4 potential bullish continuation

Type: Bullish BounceKey Levels:Resistance: 0.72608Pivot: 0.7051Support: 0.69483Preferred Case:On the H4, with price moving above the Ichimoku cloud and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 0.72608 where the 50% Fibonacci retracement is from our pivot at 0.7051 in line with the horizontal overlap support and 23.6% Fibonacci retracement.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 0.69483 where the horizontal swing low support and 61.8% Fibonacci retracement.

Source: Tickmill

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