#AUDUSD, H4 is testing our Pivot. Potential for a drop.
Description
Price is reacting below the key pivot level of 0.76092 where we have 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support lining up. A drop below this level might see price take support at 0.75423, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.76486, which coincides with 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how MACD is holding below the 0 line.
Pivot: 0.760920
Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal graphical overlap
1st Support: 0.754230
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance: 0.764860
Why we like it:
127.2% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below the key pivot level of 0.76092 where we have 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support lining up. A drop below this level might see price take support at 0.75423, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.76486, which coincides with 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how MACD is holding below the 0 line.
Pivot: 0.760920
Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal graphical overlap
1st Support: 0.754230
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance: 0.764860
Why we like it:
127.2% Fibonacci extension level & horizontal overlap 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.