AUDUSD H4 | Bullish bounce off pivot?

TitleAUDUSD H4 | Bullish bounce off pivot?TypeBullish BouncePreference:Price is currently fluctuating between the 1st resistance and our pivot point. However, due to strong bearish momentum, we can expect price to reach our pivot point at 0.6515, and a bullish bounce to the 1st resistance at 0.6597. The 1st resistance is a pullback resistance and aligns with the 38.2% fibo retracement level.Alternative scenario:If price breaks below the pivot point, then price could potentially fall to the 1st support at 0.6457, which is a major swing low support.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.