AUDUSD, H4 reversed from our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.77463, which is in line with our 23.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.77057, in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is noteworthy that price is trending within a bearish channel, in line with our bullish analysis.
Pivot: 0.77463
Why we like it:
23.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.77057
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support
1st Resistance: 0.77936
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.77463, which is in line with our 23.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.77057, in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. It is noteworthy that price is trending within a bearish channel, in line with our bullish analysis.
Pivot: 0.77463
Why we like it:
23.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.77057
Why we like it:
61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support
1st Resistance: 0.77936
Why we like it:
-27% fibonacci retracement, 100% fibonacci extension and descending trendline resistance.
Trading FX & CFDs carries high risk.
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