Title: AUSTRALIAN DOLLAR FUTURES (6A1!), H4 Potential for Bullish Momentum
Type : Bullish Rise
Resistance : 0.70605
Pivot: 0.68735
Support : 0.68360
Preferred Case: On the H4, with price breaking the descending trendline and moving in an ascending trendline on our RSI, we have a bullish bias that price will rise from the pivot at 0.68735 at the multiple swing low to the 1st resistance at 0.70605 at the overlap resistance in line with the 50% fibonacci retracement. take note of intermediary resistance at 0.72660 at the multiple swing high in line with the 50% fibonacci retracement and 78.6% fibonacci projection.
Alternative scenario: Alternatively, price may reverse off the pivot and drop to the 1st support at 0.68360 at the horizontal swing low in line with the 100% fibonacci projection and 61.8% fibonacci projection.
Fundamentals: Following concerns on commodity prices, we have a bearish bias that price will continue dropping further.
Type : Bullish Rise
Resistance : 0.70605
Pivot: 0.68735
Support : 0.68360
Preferred Case: On the H4, with price breaking the descending trendline and moving in an ascending trendline on our RSI, we have a bullish bias that price will rise from the pivot at 0.68735 at the multiple swing low to the 1st resistance at 0.70605 at the overlap resistance in line with the 50% fibonacci retracement. take note of intermediary resistance at 0.72660 at the multiple swing high in line with the 50% fibonacci retracement and 78.6% fibonacci projection.
Alternative scenario: Alternatively, price may reverse off the pivot and drop to the 1st support at 0.68360 at the horizontal swing low in line with the 100% fibonacci projection and 61.8% fibonacci projection.
Fundamentals: Following concerns on commodity prices, we have a bearish bias that price will continue dropping further.