AUDUSD, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.77346, which is in line with our 50% Fibonacci retracement, 50%, 88% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.76590, in line with 61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. It is noteworthy that price is trending under the Ichimoku cloud, and MACD is below 0 line, in line with our bearish analysis.
Pivot: 0.77346
Why we like it:
50% Fibonacci retracement, 50%, 88% fibonacci extension and horizontal graphical overlap
1st Support: 0.76590
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support
1st Resistance: 0.78070
Why we like it:
100%, 78.6% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.77346, which is in line with our 50% Fibonacci retracement, 50%, 88% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.76590, in line with 61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support. It is noteworthy that price is trending under the Ichimoku cloud, and MACD is below 0 line, in line with our bearish analysis.
Pivot: 0.77346
Why we like it:
50% Fibonacci retracement, 50%, 88% fibonacci extension and horizontal graphical overlap
1st Support: 0.76590
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing low support
1st Resistance: 0.78070
Why we like it:
100%, 78.6% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.