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

Price is reversing from our Pivot point at 0.76156, in line with 38.2%, 50% Fibonacci retracement and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 0.75443, in line with 127%, -61.8% fibonacci retracement and 61.8% fibonacci extension. It is worth noting that price is under the ichimoku cloud, in line with our bearish analysis.

Pivot: 0.76156
Why we like it:
38.2%, 50% Fibonacci retracement and horizontal graphical overlap

1st Support: 0.75443
Why we like it:
127%, -61.8% fibonacci retracement and 61.8% fibonacci extension

1st Resistance: 0.76641
Why we like it:
50% fibonacci retracement, 78.6% fibonacci extension and horizontal graphical overlap.

Trading FX & CFDs carries high risk.