Title
AUDUSD H1 I Bearish drop off
Type
Bearish drop
Preference:
The price has rejected off the pivot at 0.6553, which is a pullback resistance that aligns with the 61.8% Fibonacci retracement. A drop at this level could lead the price toward the 1st support at 0.6515, an overlap support.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 0.6578, which is a swing high resistance that aligns with the 161.8% Fibonacci extension.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.