AUDUSD, H4 reversed from our Pivot point, potential for a drop.
Description
Price has reversed from our Pivot point of 0.76666, which is in line with our 38.2%, 61.8% 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 0.75796, in line with -27%, 78.6% fibonacci retracement, 200% fibonacci extension and horizontal swing-low resistance. It is noteworthy that price is trending under the descending trendline and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.76666
Why we like it:
38.2%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.75796
Why we like it:
-27%, 78.6% fibonacci retracement, 200% fibonacci extension and horizontal swing-low resistance
1st Resistance: 0.77342
Why we like it:
50%, 78.6% fibonacci retracement, Ichimoku cloud resistance and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point of 0.76666, which is in line with our 38.2%, 61.8% 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 0.75796, in line with -27%, 78.6% fibonacci retracement, 200% fibonacci extension and horizontal swing-low resistance. It is noteworthy that price is trending under the descending trendline and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.76666
Why we like it:
38.2%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.75796
Why we like it:
-27%, 78.6% fibonacci retracement, 200% fibonacci extension and horizontal swing-low resistance
1st Resistance: 0.77342
Why we like it:
50%, 78.6% fibonacci retracement, Ichimoku cloud resistance and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
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