AUDUSD, H4 reversed from our Pivot point, potential for a drop.
Description
Price has reversed from our Pivot point of 0.76521, which is in line with our 78.6%, 61.8%, 50% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.75446, in line with -27%, -27%, 78.6% fibonacci retracement and horizontal swing-low resistance. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.76521
Why we like it:
78.6%, 61.8%, 50% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 0.75446
Why we like it:
-27%, -27%, 78.6% fibonacci retracement and horizontal swing-low resistance
1st Resistance: 0.77084
Why we like it:
61.8% fibonacci retracement, 127 fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point of 0.76521, which is in line with our 78.6%, 61.8%, 50% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.75446, in line with -27%, -27%, 78.6% fibonacci retracement and horizontal swing-low resistance. It is noteworthy that price is trending under the Ichimoku cloud and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.76521
Why we like it:
78.6%, 61.8%, 50% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap
1st Support: 0.75446
Why we like it:
-27%, -27%, 78.6% fibonacci retracement and horizontal swing-low resistance
1st Resistance: 0.77084
Why we like it:
61.8% fibonacci retracement, 127 fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
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