Type: Bullish BreakoutKey Levels:Resistance: 0.70635Pivot: 0.69923Support: 0.68946Preferred Case:On the H4, with price moving above the ichimoku cloud and breaking out of the descending trend channel and moving in an ascending support, we have a bullish bias that price will rise to the pivot at 0.69923 at the overlap resistance in line with the 78.6% fibonacci retracement . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to the 1st resistance at 0.70635 at the swing high resistance.Alternative Scenario:Alternatively, price may reverse off pivot structure and drop to the 1st support at 0.68946 at the pullback support.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audusd-h4-or-potential-bullish-continuation26"
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