AUSTRALIA DOLLAR Futures (6A1!), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 0.69610
Pivot: 0.68560
Support : 0.67920
Preferred Case: On the H4, with the price moving below the ichimoku cloud, we have a bearish bias that the price may drop from the pivot at 0.68560, which is in line with the swing low and 61.8% fibonacci retracement to the 1st support at 0.67920, where the 78.6% fibonacci retracement , 78.6% projection and previous swing high are.
Alternative scenario: Alternatively, price could rise to the 1st resistance at 0.69610, where the overlap resistance and 38.2% fibonacci retracement are.
Fundamentals: Construction Work Done q/q, showing -3.8%, dropped significantly from last period and forecasted, which has negative impact on overall employment and spending.
Resistance: 0.69610
Pivot: 0.68560
Support : 0.67920
Preferred Case: On the H4, with the price moving below the ichimoku cloud, we have a bearish bias that the price may drop from the pivot at 0.68560, which is in line with the swing low and 61.8% fibonacci retracement to the 1st support at 0.67920, where the 78.6% fibonacci retracement , 78.6% projection and previous swing high are.
Alternative scenario: Alternatively, price could rise to the 1st resistance at 0.69610, where the overlap resistance and 38.2% fibonacci retracement are.
Fundamentals: Construction Work Done q/q, showing -3.8%, dropped significantly from last period and forecasted, which has negative impact on overall employment and spending.