#AUDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is approaching our Pivot point at 0.76809, in line with 23.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical swing high. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76215, in line with 88.6%, 127%, -27% fibonacci retracement and horizontal graphical swing low. It's worth noting that price is under the Ichimoku cloud resistance and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 0.76809
Why we like it:
23.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical swing high
1st Support: 0.76215
Why we like it:
88.6%, 127%, -27% fibonacci retracement and horizontal graphical swing low
1st Resistance: 0.77328
Why we like it:
78.6% fibonacci retracement and horizontal graphical swing high
Trading FX & CFDs carries high risk.
Pivot: 0.76809
Why we like it:
23.6% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical swing high
1st Support: 0.76215
Why we like it:
88.6%, 127%, -27% fibonacci retracement and horizontal graphical swing low
1st Resistance: 0.77328
Why we like it:
78.6% fibonacci retracement and horizontal graphical swing high
Trading FX & CFDs carries high risk.
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