AUDUSD, H4 heading towards our Pivot point, potential for drop.
Price is approaching our Pivot point at 0.76835, in line with 38.2%, 61.8% Fibonacci retracement, 78.6%, 100% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.75632, in line with 61.8% fibonacci extension and horizontal swing low. It is worth noting that MACD is below the 0 line and price is under the ichimoku cloud, in line with our bearish analysis.
Pivot: 0.76835
Why we like it:
38.2%, 61.8%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
1st Support: 0.75632
Why we like it:
61.8% fibonacci extension and horizontal swing low
1st Resistance: 0.77535
Why we like it:
61.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap.
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