AUD/USD: Pair Could Rebound
Tickmill | Jan 17, 2022 02:35AM ET
Type: Bullish bounce
Key Levels: Resistance: 0.73115, pivot: 0.7178 and support: 0.71406
Preferred Case: AUD/USD abiding by ascending channel, signifying overall bullish momentum.
We can expect the price to bounce at the pivot level in line with 100% Fibonacci projection and 78.6% Fibonacci retracement towards 1st Resistance in line with 78.6% Fibonacci projection and previous swing high.
Our bullish bias is further supported by the RSI indicator, approaching support level.
Alternative Scenario: Alternatively, the price could push down further to the 1st Support in line with the 127.2% Fibonacci projection.
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