Title
AUDUSD H4 | Rising into overlap resistance
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 0.6255, an overlap resistance that aligns with the 38.2% Fibonacci retracement. A bearish reversal could drive the price towards the 1st support at 0.6177 which is a swing-low support that aligns with the 78.6% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 0.6302, which acts as an overlap resistance that aligns with the 78.6% Fibonacci retracement.
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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.