AUDUSD, H4 is testing our Pivot point, potential for drop.
Price is testing our Pivot point at 0.76615, in line with 38.2%, 61.8%, 78.6%, 127% Fibonacci retracement, and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.75639. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.
Pivot: 0.76615
Why we like it:
38.2%, 61.8%, 78.6%, 127% Fibonacci retracement, and horizontal graphical overlap
1st Support: 0.75639
Why we like it:
-61.8% Fibonacci retracement, 88% fibonacci extension and horizontal swing low support.
1st Resistance: 0.77248
Why we like it:
78.6%, 161.8% Fibonacci retracement, 100% Fibonacci extension and previous swing high resistance.
Trading FX & CFDs carries high risk.
Pivot: 0.76615
Why we like it:
38.2%, 61.8%, 78.6%, 127% Fibonacci retracement, and horizontal graphical overlap
1st Support: 0.75639
Why we like it:
-61.8% Fibonacci retracement, 88% fibonacci extension and horizontal swing low support.
1st Resistance: 0.77248
Why we like it:
78.6%, 161.8% Fibonacci retracement, 100% Fibonacci extension and previous swing high resistance.
Trading FX & CFDs carries high risk.
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