TitleAUDUSD H4 | Rising into confluence of Fibo resistanceTypeBearish ReversalPreference:Price is rising towards the pivot point of 0.6385 which is an overlap resistance that aligns with a confluence of Fibonacci levels i.e. the 61.8% retracement and the 61.8% projection levels; we could see momentum carry price down to its 1st support at 0.62939 which is a multi-swing-low support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.64466 which is a swing-high resistance 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.
