#AUDUSD approaching pivot, potential for a drop!
Description :
On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will drop from our pivot at 0.71939 which is in line with horizontal overlap resistance and 50% Fibonacci retracement to 1st support at 0.70905, which is in line with horizontal swing low support and 61.8% Fibonacci retracement . Alternatively, price may break pivot structure and head for 1st resistance at 0.72620, which coincides with horizontal swing high resistance.
Pivot:
0.71939
Why we like it:
Horizontal overlap resistance and 50% Fibonacci retracement
1st Support:
0.70905
Why we like it:
Horizontal swing low support and 61.8% fibonacci retracement
1st Resistance:
0.72620
Why we like it:
Horizontal swing high resistance
Trading FX & CFDs carries high risk.
On the H4, with price moving below the ichimoku cloud , we have a bearish bias that price will drop from our pivot at 0.71939 which is in line with horizontal overlap resistance and 50% Fibonacci retracement to 1st support at 0.70905, which is in line with horizontal swing low support and 61.8% Fibonacci retracement . Alternatively, price may break pivot structure and head for 1st resistance at 0.72620, which coincides with horizontal swing high resistance.
Pivot:
0.71939
Why we like it:
Horizontal overlap resistance and 50% Fibonacci retracement
1st Support:
0.70905
Why we like it:
Horizontal swing low support and 61.8% fibonacci retracement
1st Resistance:
0.72620
Why we like it:
Horizontal swing high resistance
Trading FX & CFDs carries high risk.