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AUD/USD On A Bullish Bounce

Published 01/18/2022, 04:51 AM
Updated 03/28/2023, 03:20 AM

Type: Bullish bounce

Key Levels: Resistance: 0.72717, pivot: 0.71951 and support: 0.71281

Preferred Case: AUD/USD is moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.72717 which is in line with horizontal overlap resistance and 61.8% Fibonacci retracement from a pivot at 0.71951, which is in line with horizontal overlap support and 61.8% Fibonacci retracement level.

Alternative Scenario: Alternatively, the price may break the pivot structure and head for 1st support at 0.71281, which coincides with horizontal swing low resistance and 127.2% Fibonacci extension.AUD/USD 4-hour chart.

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