AUDUSD, H4 reversed from our Pivot point, potential for drop.
Price has reversed from our Pivot point at 0.77616, in line with 50%, 78.6% Fibonacci retracement, 100% fibonacci extension, moving average resistance and horizontal graphical resistance. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76752, a fibonacci confluence area. It is worth noting that price is under the moving average, in line with our analysis.
Pivot: 0.77616
Why we like it:
50%, 78.6% Fibonacci retracement, 100% fibonacci extension, moving average resistance and horizontal graphical resistance.
1st Support: 0.76752
Why we like it:
-61.8% Fibonacci retracement, 61.8%, 88% fibonacci extension and horizontal swing low support.
1st Resistance: 0.78170
Why we like it:
78.6%, 61.8% Fibonacci extension and horizontal graphical area.
Trading FX & CFDs carries high risk.
Pivot: 0.77616
Why we like it:
50%, 78.6% Fibonacci retracement, 100% fibonacci extension, moving average resistance and horizontal graphical resistance.
1st Support: 0.76752
Why we like it:
-61.8% Fibonacci retracement, 61.8%, 88% fibonacci extension and horizontal swing low support.
1st Resistance: 0.78170
Why we like it:
78.6%, 61.8% Fibonacci extension and horizontal graphical area.
Trading FX & CFDs carries high risk.
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