#AUDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is reversing from our Pivot point at 0.77685, in line with 78.6% fibonacci retracement, 127.2% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.77101, in line with 50% fibonacci retracement and 61.8% fibonacci extension. It's worth noting that price is under the descending trendline, in line with our bearish analysis.
Pivot: 0.77685
Why we like it:
78.6% fibonacci retracement, 127.2% fibonacci extension and horizontal graphical overlap
1st Support: 0.77101
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 0.78099
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical swing high
Trading FX & CFDs carries high risk.
Pivot: 0.77685
Why we like it:
78.6% fibonacci retracement, 127.2% fibonacci extension and horizontal graphical overlap
1st Support: 0.77101
Why we like it:
50% fibonacci retracement and 61.8% fibonacci extension
1st Resistance: 0.78099
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal graphical swing high
Trading FX & CFDs carries high risk.
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