AUSTRALIAN DOLLAR FUTURES (6A1!), H1 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 0.68560
Pivot: 0.67685
Support : 0.66595
Preferred Case: On the H1, with price moving below the ichimoku cloud and along the descending trendline , we have a bearish bias that price will drop to the pivot at 0.67685 in line with the swing low support and 78.6% fibonacci projection. Once we have downside confirmation that price has broken past pivot structure, we would expect bearish momentum to carry price to the 1st support at 0.66595 where the -61.8% fibonacci expansion and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 0.68560 where the pullback resistance is.
Fundamentals: Due to the Euro dollar dropping, we have a bearish bias of the australian dollar.
Resistance : 0.68560
Pivot: 0.67685
Support : 0.66595
Preferred Case: On the H1, with price moving below the ichimoku cloud and along the descending trendline , we have a bearish bias that price will drop to the pivot at 0.67685 in line with the swing low support and 78.6% fibonacci projection. Once we have downside confirmation that price has broken past pivot structure, we would expect bearish momentum to carry price to the 1st support at 0.66595 where the -61.8% fibonacci expansion and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 0.68560 where the pullback resistance is.
Fundamentals: Due to the Euro dollar dropping, we have a bearish bias of the australian dollar.