AUDUSD, H4 reversed from our Pivot point, potential for drop.

Price has reversed from our Pivot point at 0.76364, in line with 61.8% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st Support level at 0.75684, in line with -27%, 78.6% fibonacci retracement and horizontal swing low. It is worth noting that price is below the moving average, in line with our bearish analysis.

Pivot: 0.76364
Why we like it:
61.8% Fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap

1st Support: 0.75684
Why we like it:
-27%, 78.6% fibonacci retracement and horizontal swing low

1st Resistance: 0.76703
Why we like it:
127% fibonacci extension, moving average resistance and horizontal swing high.

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