#AUDUSD, H4 is reversing from our Pivot. Potential for a drop.
Description
Price is reacting below our pivot level at 0.75321 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 0.7411, which is in line with 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.76074, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
0.75321
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance
1st Support:
0.74110
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.76074
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.75321 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance. Price can potentially take support at 0.7411, which is in line with 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.76074, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
0.75321
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level horizontal overlap resistance
1st Support:
0.74110
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.76074
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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