Timeframe: 4H
Confluences: Price rejected from a broken resistance turned support level on the daily timeframe, and also broke up through a bearish trendline on the daily. Price has now come back into a bullish fib zone that aligns with the retest of that broken TL.
News: AUD employment data is due tonight, although most AUD pairs are coming into reversal areas, so the bearish move on this pair recently could have been banks getting into good position for the news release.
Confluences: Price rejected from a broken resistance turned support level on the daily timeframe, and also broke up through a bearish trendline on the daily. Price has now come back into a bullish fib zone that aligns with the retest of that broken TL.
News: AUD employment data is due tonight, although most AUD pairs are coming into reversal areas, so the bearish move on this pair recently could have been banks getting into good position for the news release.