AUDUSD H4 | Rising into confluence of Fibo resistance |

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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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.

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AUDUSD H4 | Rising into confluence of Fibo resistance

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