TitleAUDUSD H4 | Bearish reaction off 23.6% Fibo resistancveTypeBearish ReversalPreference:Price could rise towards the pivot point of 0.63299 which is a pullback resistance that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.62229 which is a level that aligns with the 161.8% Fibonacci extension level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.63985 which is a pullback resistance that aligns close to the 50.0% Fibonacci retracement level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.
