#AUDUSD, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.77550, which is in line with our 61.8%, 61.8%, 78.6% and -27% Fibonacci retracement, where we could see a potential drop from this level to our first support level of 0.76856, in line with -27%, -27%, 78.6% fibonacci retracement and horizontal swing low support. It is noteworthy that price is trending within a bearish channel, in line with our bearish analysis.
Pivot: 0.77550
Why we like it:
61.8%, 61.8%, 78.6% and -27% Fibonacci retracement.
1st Support: 0.76856
Why we like it:
-27%, -27%, 78.6% fibonacci retracement and horizontal swing low support
1st Resistance: 0.78042
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.77550, which is in line with our 61.8%, 61.8%, 78.6% and -27% Fibonacci retracement, where we could see a potential drop from this level to our first support level of 0.76856, in line with -27%, -27%, 78.6% fibonacci retracement and horizontal swing low support. It is noteworthy that price is trending within a bearish channel, in line with our bearish analysis.
Pivot: 0.77550
Why we like it:
61.8%, 61.8%, 78.6% and -27% Fibonacci retracement.
1st Support: 0.76856
Why we like it:
-27%, -27%, 78.6% fibonacci retracement and horizontal swing low support
1st Resistance: 0.78042
Why we like it:
127% fibonacci retracement, 78.6% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
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