#AUDUSD, H4 is testing our Pivot. Potential for a drop.

Description

Price is reacting below the key pivot level of 0.76092 where we have 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support lining up. A drop below this level might see price take support at 0.75423, which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.76486, which coincides with 127.2% Fibonacci extension level & horizontal overlap resistance . This is further supported by how MACD is holding below the 0 line.

Pivot: 0.760920

Why we like it:
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal graphical overlap

1st Support: 0.754230
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support

1st Resistance: 0.764860
Why we like it:
127.2% Fibonacci extension level & horizontal overlap resistance

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