#AUDUSD, H4 approaching pivot, potential for bearish reversal
Description
Price is reacting below key pivot level of 0.75519 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance lining up. A drop below this level might see price take support at 0.74163, which is in line with 127.2% Fibonacci retracement level & 78.6% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.761, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
0.75519
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.74163
127.2% Fibonacci retracement level & 78.6% Fibonacci extension level.
1st Resistance:
0.76100
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 0.75519 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance lining up. A drop below this level might see price take support at 0.74163, which is in line with 127.2% Fibonacci retracement level & 78.6% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.761, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
0.75519
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.74163
127.2% Fibonacci retracement level & 78.6% Fibonacci extension level.
1st Resistance:
0.76100
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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