#AUDUSD, H4 approaching Pivot, potential for drop!
Price is approaching pivot level of 0.75339 where we have 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance lining up. A drop below this level might see price take support at 0.74166, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.76101, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.75339
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance
1st Support:
0.74166
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.76101
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.75339
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance
1st Support:
0.74166
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.76101
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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