AUDUSD, H4 reversing from our Pivot point, potential for drop.
Price is reversing from our Pivot point at 0.77543, in line with 100%, 100% Fibonacci extension, descending trendline resistance and horizontal graphical area, where we could potentially see a drop from our pivot towards our 1st support level at 0.76920. It is worth noting that price is trending under the descending trendline resistance, in line with our bearish view.
Pivot: 0.77543
Why we like it:
100%, 100% Fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 0.76920
Why we like it:
61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal graphical area.
1st Resistance: 0.77095
Why we like it:
161.8% Fibonacci extension, -61.8% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Pivot: 0.77543
Why we like it:
100%, 100% Fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 0.76920
Why we like it:
61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal graphical area.
1st Resistance: 0.77095
Why we like it:
161.8% Fibonacci extension, -61.8% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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