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AUDUSD, H4 | Short-term Bearish Drop

29963 audusd h4 short term bearish drop

Type: Bearish ReversalKey Levels:Resistance: 0.73093 Pivot: 0.72784Support: 0.71990Preferred Case: Price is abiding to the ascending channel, signifying an overall bullish momentum. However, price dropped at the resistance level, we can no expect price to drop from the pivot level in line with 23.6% Fibonacci retracement and 78.6% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection.Alternative Scenario:Alternatively, price could push higher up towards 1st Resistance in line with 100% Fibonacci projection

Source: Tickmill

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