AUDUSD, H4 approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.77862, which is in line with our 78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap, where we could see a potential pullback from this level to our first support level of 0.77036, in line with 23.6% fibonacci retracement, 61.8% fibonacci extension and ascending trendline support. It is noteworthy that Stochastics is showing bearish pressure where price have previously reacted off the 92% level, in line with our short-term bearish view.
Pivot: 0.77862
Why we like it:
78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap
1st Support: 0.77036
Why we like it:
23.6% fibonacci retracement, 61.8% fibonacci extension and ascending trendline support
1st Resistance: 0.78359
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.77862, which is in line with our 78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap, where we could see a potential pullback from this level to our first support level of 0.77036, in line with 23.6% fibonacci retracement, 61.8% fibonacci extension and ascending trendline support. It is noteworthy that Stochastics is showing bearish pressure where price have previously reacted off the 92% level, in line with our short-term bearish view.
Pivot: 0.77862
Why we like it:
78.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical overlap
1st Support: 0.77036
Why we like it:
23.6% fibonacci retracement, 61.8% fibonacci extension and ascending trendline support
1st Resistance: 0.78359
Why we like it:
127% fibonacci retracement, 161.8% fibonacci extension and horizontal swing-high resistance
Trading FX & CFDs carries high risk.