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 0.68620 where the overlap support is to the 1st resistance in line with swing high resistance and 127.2% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 0.68100 in line with the pullback support, 61.8% fibonacci projection and 50% fibonacci retracement .
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.
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 0.68620 where the overlap support is to the 1st resistance in line with swing high resistance and 127.2% fibonacci extension .
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 0.68100 in line with the pullback support, 61.8% fibonacci projection and 50% fibonacci retracement .
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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results