#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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.