AUDUSD, H4 testing our Pivot point, potential for drop.

Price is above our Pivot point at 0.77673, in line with 88%, 23.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.76751. It is worth noting that price is trending under the moving average, in line with our bearish view.

Pivot: 0.77673
Why we like it:
88%, 23.6% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap

1st Support: 0.76751
Why we like it:
78.6%, 127% Fibonacci retracement and horizontal graphical support.

1st Resistance: 0.78504
Why we like it:
161.8%, 161.8% Fibonacci extension, -27% and -27% Fibonacci retracement.

Trading FX & CFDs carries high risk.

1st Support: 0.78650
Why we like it:
78.6% Fibonacci retracement and 127% Fibonacci extension.

1st Resistance: 0.79752
Why we like it:
38.2%, 50%, 61.8% Fibonacci retracement and 127% Fibonacci extension.

Trading FX & CFDs carries high risk.