Type: Bearish ReversalKey Levels:Resistance: 0.71767Pivot: 0.71402Support: 0.69861Preferred Case:Price breakout of the descending trendline resistance, signifying an overall bullish momentum. We can expect price to push higher up from the pivot level in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 50% Fibonacci retracement. Our bullish bias is further supported by the Ichimoku cloud indicator where the price holding above it.Alternative Scenario:Alternatively, price can drop back down to 1st Support in line with 61.8% Fibonacci projection.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audusd-h4-or-bearish-reversal"
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