#AUDUSD, H4 has reversed from our Pivot. Potential for a drop.
Price has reversed from our Pivot point at 0.77758, in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76886, in line with -27% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low. It's worth noting that MACD and Ichimoku cloud and descending trendline are showing bearish pressure, in line with our bearish analysis.
Pivot: 0.77758
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance
1st Support: 0.76886
Why we like it:
-27% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 0.78167
Why we like it:
127% fibonacci extension and horizontal swing high.
Trading FX & CFDs carries high risk.
Pivot: 0.77758
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance
1st Support: 0.76886
Why we like it:
-27% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 0.78167
Why we like it:
127% fibonacci extension and horizontal swing high.
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.