AUDUSD, H4 reversed from our Pivot point, potential for drop.

Price has reversed from our Pivot point at 0.77632, in line with 38.2%, 61.8% Fibonacci retracement and 127% fibonacci extension. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76489, a fibonacci confluence area. It is worth noting that price is attempting to break out of the Ichimoku cloud resistance and MACD is under the 0 line, in line with our analysis.

Pivot: 0.77632
Why we like it:
38.2%, 61.8% Fibonacci retracement and 127% fibonacci extension.

1st Support: 0.76489
Why we like it:
88% Fibonacci retracement, 100% and 161.8% fibonacci extension.

1st Resistance: 0.78226
Why we like it:
78.6% fibonacci retracement and horizontal swing high resistance.

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