#AUDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is testing our Pivot point at 0.77710, in line with 78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical swing high. Where we could potentially see a drop from our pivot towards our 1st support level at 0.77143, in line with 61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. It's worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 0.77710
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical swing high
1st Support: 0.77143
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.77917
Why we like it:
127% fibonacci extension and horizontal graphical swing high
Trading FX & CFDs carries high risk.
Pivot: 0.77710
Why we like it:
78.6% fibonacci retracement, 100% fibonacci extension and horizontal graphical swing high
1st Support: 0.77143
Why we like it:
61.8% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.77917
Why we like it:
127% fibonacci extension and horizontal graphical swing high
Trading FX & CFDs carries high risk.
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