#AUDUSD approaching pivot, potential for a drop!

With price at the resistance of the ichimoku cloud, we are biased that price will drop from our pivot at 0.72649 in line with the 61.8% Fibonacci retracement and the horizontal overlap resistance to 1st support at 0.71704 in line with the horizontal swing low support and 78.6% Fibonacci retracement level. Alternatively, price may break pivot structure and the ichimoku resistance and head for 1st resistance at 0.73111 in line with the horizontal swing high resistance.

Pivot:
0.72649
Why we like it:
61.8% Fibonacci retracement and the horizontal overlap resistance

1st Support:
0.71704
Why we like it:
Horizontal swing low support and 78.6% Fibonacci retracement

1st Resistance:
0.73111
Why we like it:
Horizontal swing high resistance

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