AUDUSD, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.76804, which is in line with our 78.6%, 50%, 78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.75972, in line with 127%, 88% fibonacci retracement, 88% fibonacci extension and horizontal swing-low resistance. It is noteworthy that price is trending under the Ichimoku cloud, the descending trendline and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.76804
Why we like it:
78.6%, 50%, 78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap
1st Support: 0.75972
Why we like it:
127%, 88% fibonacci retracement, 88% fibonacci extension and horizontal swing-low resistance
1st Resistance: 0.77320
Why we like it:
50%, 78.6% fibonacci retracement, Ichimoku cloud resistance and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.76804, which is in line with our 78.6%, 50%, 78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap, where we could see a potential drop from this level to our first support level of 0.75972, in line with 127%, 88% fibonacci retracement, 88% fibonacci extension and horizontal swing-low resistance. It is noteworthy that price is trending under the Ichimoku cloud, the descending trendline and MACD is below the 0 line, in line with our bearish analysis.
Pivot: 0.76804
Why we like it:
78.6%, 50%, 78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap
1st Support: 0.75972
Why we like it:
127%, 88% fibonacci retracement, 88% fibonacci extension and horizontal swing-low resistance
1st Resistance: 0.77320
Why we like it:
50%, 78.6% fibonacci retracement, Ichimoku cloud resistance and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
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