Type: Bearish ReversalKey Levels:Resistance: 0.7289Pivot: 0.72511Support: 0.71808Preferred Case:Price is reacting in an ascending channel, signifying bullish momentum. However, price is currently at a resistance, we can expect price to drop from 1st Resistance in line with 127.2% Fibonacci projection and 127.2% Fibonacci Extension towards 1st Support in line with 38.2% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.Alternative Scenario:Alternatively, price could push higher to 1st Resistance in line with 161.8% Fibonacci projection and 161.8% Fibonacci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audusd-h4-or-short-term-bearish-drop"
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