#AUDUSD, H4 is testing our Pivot. Potential for a drop.
Price is reversing from our Pivot point at 0.75606, in line with 23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.74430, in line with 61.8% fibonacci extension. It's worth noting that price is under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.75606
Why we like it:
23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.74430
Why we like it:
61.8% fibonacci extension
1st Resistance: 0.76071
Why we like it:
100% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Pivot: 0.75606
Why we like it:
23.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.74430
Why we like it:
61.8% fibonacci extension
1st Resistance: 0.76071
Why we like it:
100% fibonacci extension and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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