AUDUSD is testing our pivot, potential drop.

Description:
Price is testing our pivot at 0.78449, in line with 61.8%, 127 fibonacci retracement and horizontal graphical overlap. Where we could see a drop under this level towards the 1st support. Otherwise, a break above this level may see price swing towards 1st resistance. Do note that price is trending under the moving average and MACD is under the 0 line, in line with our bearish analysis.

Pivot: 0.78449
Supporting Points:
61.8%, 127 fibonacci retracement and horizontal graphical overlap

1st Support: 0.77688
Supporting Points:
88% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap

1st Resistance: 0.80042
Supporting Points:
38.2%, 200% Fibonacci retracement and horizontal graphical overlap.
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