AUDUSD H4 | Rising into confluence of Fibo resistance |

Preference:
Price is rising towards the pivot point of 0.6385 which is an overlap resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 61.8% projection levels; we could see momentum carry price down to its 1st support at 0.62939 which is a multi-swing-low support level.

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Type
Bearish Reversal

Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance at 0.64466 which is a swing-high resistance level.

Past performance is not indicative of future results.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.

Title
AUDUSD H4 | Rising into confluence of Fibo resistance

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منبع: https://www.tickmill.com/blog/audusd-h4-rising-into-confluence-of-fibo-resistance-17th-october-2023

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