#AUDUSD, H4 has reversed from our Pivot. Potential for a drop.
Price has reversed from our Pivot point at 0.77758, in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76886, in line with -27% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low. It's worth noting that MACD and Ichimoku cloud and descending trendline are showing bearish pressure, in line with our bearish analysis.
Pivot: 0.77758
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and descending trendline resistance
1st Support: 0.76886
Why we like it:
-27% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 0.78167
Why we like it:
127% fibonacci extension and horizontal swing high.
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