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Rockqet
Mar 3, 2023 12:53 PM

AUDUSD, H1 | Bearish reversal from key resistance Short

Australian Dollar/U.S. DollarFXCM

Description

We're seeing price approaching a strong overlap resistance at 0.6781 which also lines up with the 38.2% Fibonacci retracement. Price could potentially reverse from here pushing it all the way down to the recent swing low at 0.6698.

However, if prices were to break this resistance level, the next big resistance for us to keep an eye on is 0.6810 which is the 50% Fibonacci retracement level along with the pullback resistance.

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