AUDUSD, H4 is approaching our Pivot point, potential for a drop.
Description
Price is approaching our Pivot point of 0.75928, which is in line with our 78.6%, -27% Fibonacci retracement and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 0.75549, in line with 50% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. It is noteworthy that price is trending under a tentative descending trendline, in line with our bearish view.
Pivot: 0.75928
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical resistance
1st Support: 0.75549
Why we like it:
50% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.76256
Why we like it:
78.6% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point of 0.75928, which is in line with our 78.6%, -27% Fibonacci retracement and horizontal graphical resistance, where we could see a potential drop from this level to our first support level of 0.75549, in line with 50% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap. It is noteworthy that price is trending under a tentative descending trendline, in line with our bearish view.
Pivot: 0.75928
Why we like it:
78.6%, -27% Fibonacci retracement and horizontal graphical resistance
1st Support: 0.75549
Why we like it:
50% fibonacci retracement, 50% fibonacci extension and horizontal graphical overlap
1st Resistance: 0.76256
Why we like it:
78.6% Fibonacci extension and horizontal graphical resistance.
Trading FX & CFDs carries high risk.
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