AUDUSD H4 | Rising into Fibo confluence

TitleAUDUSD H4 | Rising into Fibo confluenceTypeBearish ReversalPreference:Price is rising towards the pivot point of 0.64886 which is a pullback resistance that aligns with the 78.6% Fibonacci retracement and 127.2% Fibonacci projection levels and could potentially reverse from here; we could see momentum carry price down to its 1st support at 0.64105 which is a pullback support level.Alternative scenario:If price breaks above the pivot point, it could hit the 1st resistance at 0.65197 which is an overlap resistance that aligns close to the 161.8% Fibonacci projection level.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.