AUDUSD, reached our pivot. Potential for a further drop.
Description:
Price has approached our pivot of 0.76997. We could see a medium-probability bearish scenario, from our Pivot towards 1st support at 0.76779. Otherwise, failure to hold below pivot could see price swing higher towards 1st resistance at 0.77226. Do note that price is trending under the descending trendline in line with our bearish view.
Pivot: 0.76997
Supporting Points:
38.2%, 23.6%, 61.8% Fibonacci retracement, descending trendline resistance and graphical overlap resistance
1st Support: 0.76779
Supporting Points:
78.6% fibonacci retracement, 61.8% fibonacci extension and graphical swing low support
1st Resistance: 0.77226
Supporting Points:
61.8%, 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing high resistance.
Trading FX & CFDs carries high risk.
Price has approached our pivot of 0.76997. We could see a medium-probability bearish scenario, from our Pivot towards 1st support at 0.76779. Otherwise, failure to hold below pivot could see price swing higher towards 1st resistance at 0.77226. Do note that price is trending under the descending trendline in line with our bearish view.
Pivot: 0.76997
Supporting Points:
38.2%, 23.6%, 61.8% Fibonacci retracement, descending trendline resistance and graphical overlap resistance
1st Support: 0.76779
Supporting Points:
78.6% fibonacci retracement, 61.8% fibonacci extension and graphical swing low support
1st Resistance: 0.77226
Supporting Points:
61.8%, 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing high resistance.
Trading FX & CFDs carries high risk.