AUDUSD, is approaching pivot. Potential for a bearish breakout.
Description:
Price is facing bearish pressure with MACD under 0 line. We could see a medium-probability bearish scenario, with a bearish breakout from our pivot at 0.77046 towards 1st support at 0.76708. Otherwise, failure to hold below pivot could see price swing higher towards 1st resistance at 0.77334.
Pivot: 0.77046
Supporting Points:
50%, 78.6% Fibonacci retracement, 127% Fibonacci extension and graphical overlap resistance
1st Support: 0.76708
Supporting Points:
127%, 161.8% fibonacci retracement, 88% Fibonacci extension and graphical swing low support
1st Resistance: 0.77334
Supporting Points:
38.2%, 88% fibonacci retracement and horizontal graphical overlap resistance
Trading FX & CFDs carries high risk.
Price is facing bearish pressure with MACD under 0 line. We could see a medium-probability bearish scenario, with a bearish breakout from our pivot at 0.77046 towards 1st support at 0.76708. Otherwise, failure to hold below pivot could see price swing higher towards 1st resistance at 0.77334.
Pivot: 0.77046
Supporting Points:
50%, 78.6% Fibonacci retracement, 127% Fibonacci extension and graphical overlap resistance
1st Support: 0.76708
Supporting Points:
127%, 161.8% fibonacci retracement, 88% Fibonacci extension and graphical swing low support
1st Resistance: 0.77334
Supporting Points:
38.2%, 88% fibonacci retracement and horizontal graphical overlap resistance
Trading FX & CFDs carries high risk.