AUDUSD, H4 has broken under our Pivot point, potential for drop

5 mar 2021

Price has broken beneath our Pivot point at 0.77324, in line with 61.8%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76615. It is worth noting that price is trending under the Ichimoku cloud and MACD is under the 0 line, in line with our bearish view.

Pivot: 0.77324
Why we like it:
61.8%, 78.6% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

1st Support: 0.76615
Why we like it:
-27%, 78.6% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Resistance: 0.77852
Why we like it:
78.6% Fibonacci retracement and 38.2% Fibonacci extension

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