Type: Bullish BounceKey Levels:Resistance: 0.72469Pivot: 0.71675Support: 0.70948Preferred Case:On the H4 timeframe, price is moving within the ascending channel signifying an uptrend. We see potential for a bounce from our pivot at 0.71675 in line with 61.8% Fibonacci retracement towards 1st resistance at 0.72469 in line with swing high resistance. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias. Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 0.70948 in line with the swing low support.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audusd-h4-or-potential-bounce"
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