#AUDUSD, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.77550, which is in line with our 61.8%, 61.8%, 78.6% and -27% Fibonacci retracement, where we could see a potential drop from this level to our first support level of 0.76856, in line with -27%, -27%, 78.6% fibonacci retracement and horizontal swing low support. It is noteworthy that price is trending within a bearish channel, in line with our bearish analysis.
Pivot: 0.77550
Why we like it:
61.8%, 61.8%, 78.6% and -27% Fibonacci retracement.
1st Support: 0.76856
Why we like it:
-27%, -27%, 78.6% fibonacci retracement and horizontal swing low support
1st Resistance: 0.78042
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.77550, which is in line with our 61.8%, 61.8%, 78.6% and -27% Fibonacci retracement, where we could see a potential drop from this level to our first support level of 0.76856, in line with -27%, -27%, 78.6% fibonacci retracement and horizontal swing low support. It is noteworthy that price is trending within a bearish channel, in line with our bearish analysis.
Pivot: 0.77550
Why we like it:
61.8%, 61.8%, 78.6% and -27% Fibonacci retracement.
1st Support: 0.76856
Why we like it:
-27%, -27%, 78.6% fibonacci retracement and horizontal swing low support
1st Resistance: 0.78042
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.