#AUDUSD, H4 is reversing from our Pivot. Potential for a drop.
Price is reacting below our pivot level at 0.74651 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.7378, which is in line with 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.75056, which coincides with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.74651
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.73780
100% Fibonacci extension level
1st Resistance:
0.75056
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.74651
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.73780
100% Fibonacci extension level
1st Resistance:
0.75056
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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