#AUDUSD, H4 approaching pivot, potential for bearish reversal
Description
Price is reacting below key pivot level of 0.75519 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance lining up. A drop below this level might see price take support at 0.74163, which is in line with 127.2% Fibonacci retracement level & 78.6% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.761, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
0.75519
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.74163
127.2% Fibonacci retracement level & 78.6% Fibonacci extension level.
1st Resistance:
0.76100
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below key pivot level of 0.75519 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance lining up. A drop below this level might see price take support at 0.74163, which is in line with 127.2% Fibonacci retracement level & 78.6% Fibonacci extension level. Finally, price is unlikely to surpass our strong resistance at 0.761, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level .
Pivot:
0.75519
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension levelhorizontal swing high resistance
1st Support:
0.74163
127.2% Fibonacci retracement level & 78.6% Fibonacci extension level.
1st Resistance:
0.76100
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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.
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.