Title
AUDUSD 4H | Bullish Continuation
Type
Bullish Trend
Preference:
The price is trading above the pivot level at 0.62441, signaling potential bullish momentum. A continuation of this move could drive the price towards the 1st resistance at 0.63069, a key level aligning with the 127.2% Fibonacci extension and the 78.6% Fibonacci projection, a strong historical resistance zone.
Alternative Scenario:
If the price breaks below the pivot level, it may decline towards the 1st support at 0.6194, an overlap support level.
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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.