#AUDUSD, H4 is reacting below our pivot, potential for drop.

Description

Price is reacting below our pivot level at 0.75097 which is in line with 38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level. Price can potentially take support at 0.74032, which is in line with -27.2%Fibonacci retracement level, 127.2% Fibonacci retracement level. Alternatively, price may rise up to our resistance at 0.7584, which coincides with 78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
0.75097

Why we like it:
38.2% Fibonacci retracement level, 23.6% Fibonacci retracement level

1st Support:
0.74032
-27.2%Fibonacci retracement level, 127.2% Fibonacci retracement level

1st Resistance:
0.75840
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing high resistance
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