AUDUSD, H4 reversed from our Pivot point, potential for drop.

Price has reversed from our Pivot point at 0.78095, in line with 78.6%Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76686. It is worth noting that MACD has just crossed the signal line indicating bearish momentum, in line with our analysis.

Pivot: 0.78095
Why we like it:
78.6%Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 0.76686
Why we like it:
78.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support.

1st Resistance: 0.78605
Why we like it:
61.8% Fibonacci retracement and 161.8% Fibonacci extension.

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