05.12.2023 06:34 AM
AUD/USD H4 | Bullish Bounce?

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The AUD/USD chart indicates the potential for a bullish bounce, with significant support and resistance levels shaping its prospective direction.

Support Levels:

At 0.6523, the 1st support level is identified as "Pullback support." This level signifies a zone where buying interest may emerge, potentially facilitating a bounce. Furthermore, the 2nd support level at 0.6448 is characterized as "An Overlap support," suggesting its potential significance in providing support to the price.

Resistance Levels:

On the resistance side, the 1st resistance at 0.6592 is labeled as "Pullback resistance." This level implies a zone where selling pressure might surface, potentially hindering upward momentum. Additionally, the 2nd resistance at 0.6657 is identified as "Pullback resistance," reinforcing its role as a significant resistance zone

Dean Leo,
Analytical expert of InstaForex
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