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AUDUSD, H4 | Short-term Bearish Drop

Preference:

Price is reacting in an ascending channel, signifying bullish momentum. However, price is currently at a resistance, we can expect price to drop from pivot level in line with 127.2% Fibonacci projection and 127.2% Fibonacci Extension towards 1st Support in line with 38.2% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Alternative Scenario:

Alternatively, price could push higher to 1st Resistance in line with 161.8% Fibonacci projection and 161.8% Fibonacci extension.

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