Title: AUSTRALIAN DOLLAR FUTURES (6A1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 0.69555
Pivot: 0.68620
Support : 0.68100
Preferred Case: On the H4, with prices moving above the ichimoku indicator and breaking out of the descending channel , we have a bullish bias that price will rise from the pivot at 0.69295 where the overlap support is. If price breaks above the intermediate resistance at 0.69830 at the swing high in line with the 78.6% fibonacci retracement, we will have upside confirmation that price will continue to rise to the 1st resistance at 0.70705 in line with swing high.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 0.68600 in line with the overlap support.
Fundamentals: Following Gov Lowe’s comments regarding an expectation for inflation to reach 6 to 7% and the requirement for further interest rate increases, we have a bullish bias on the Australian Dollar.
Type : Bullish Rise
Resistance : 0.69555
Pivot: 0.68620
Support : 0.68100
Preferred Case: On the H4, with prices moving above the ichimoku indicator and breaking out of the descending channel , we have a bullish bias that price will rise from the pivot at 0.69295 where the overlap support is. If price breaks above the intermediate resistance at 0.69830 at the swing high in line with the 78.6% fibonacci retracement, we will have upside confirmation that price will continue to rise to the 1st resistance at 0.70705 in line with swing high.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 0.68600 in line with the overlap support.
Fundamentals: Following Gov Lowe’s comments regarding an expectation for inflation to reach 6 to 7% and the requirement for further interest rate increases, we have a bullish bias on the Australian Dollar.