Type: Bearish ReversalKey Levels:Resistance: 0.69616Pivot: 0.68658Support: 0.67208Preferred Case:On the H4, with price moving in a descending trend channel and below the ichimoku cloud, we have a bearish bias that price will drop from the pivot at 0.68658 at the pullback resistance in line with the 100% fibonacci projection and 50% fibonacci retracement to the 1st support at 0.67208 in line with the 78.6% fibonacci projection and 161.8% fibonacci extension.Alternative Scenario:Alternatively, price may reverse off the pivot and rise to the 1st resistance at 0.69616 at the swing high in line with the 50% fibonacci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/audusd-h4-or-potential-for-bearish-continuation"
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