AUDUSD, reached our pivot. Potential for a further drop.
Description:
Price has approached our pivot of 0.77443. We could see a medium-probability bearish scenario, from our Pivot towards 1st support at 0.77081. Otherwise, failure to hold below pivot could see price swing higher towards 1st resistance at 0.77650. Do note that stochastics is facing bearish pressure from the 89% level where price have previously reacted from.
Pivot: 0.77443
Supporting Points:
50%, 61.8% Fibonacci retracement, descending trendline resistance and graphical overlap resistance
1st Support: 0.77081
Supporting Points:
78.6% fibonacci retracement, 61.8% fibonacci extension and graphical swing low support
1st Resistance: 0.77650
Supporting Points:
88%, 78.6% fibonacci retracement and horizontal graphical swing high resistance.
Trading FX & CFDs carries high risk.
Price has approached our pivot of 0.77443. We could see a medium-probability bearish scenario, from our Pivot towards 1st support at 0.77081. Otherwise, failure to hold below pivot could see price swing higher towards 1st resistance at 0.77650. Do note that stochastics is facing bearish pressure from the 89% level where price have previously reacted from.
Pivot: 0.77443
Supporting Points:
50%, 61.8% Fibonacci retracement, descending trendline resistance and graphical overlap resistance
1st Support: 0.77081
Supporting Points:
78.6% fibonacci retracement, 61.8% fibonacci extension and graphical swing low support
1st Resistance: 0.77650
Supporting Points:
88%, 78.6% fibonacci retracement and horizontal graphical swing high resistance.
Trading FX & CFDs carries high risk.