#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.71751, which is in line with 38.2% Fibonacci extension level, the support of the ichimoku cloud and graphical horizontal overlap support. A reversal from this level may see price rise to 1st resistance at price 0.72732. This level coincides with 50.0% Fibonacci retracement level and horizontal swing high resistance. Alternatively, price may break pivot structure and head for 1st support at 0.70958 in line with the horizontal swing low support and 61.8% Fibonacci extension level .
Pivot:
0.71751
Why we like it:
38.2% Fibonacci extension level and horizontal overlap support
1st Support:
0.70958
Why we like it:
horizontal swing low support, 61.8% Fibonacci extension level
1st Resistance:
0.72732
Why we like it:
50.0% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.71751, which is in line with 38.2% Fibonacci extension level, the support of the ichimoku cloud and graphical horizontal overlap support. A reversal from this level may see price rise to 1st resistance at price 0.72732. This level coincides with 50.0% Fibonacci retracement level and horizontal swing high resistance. Alternatively, price may break pivot structure and head for 1st support at 0.70958 in line with the horizontal swing low support and 61.8% Fibonacci extension level .
Pivot:
0.71751
Why we like it:
38.2% Fibonacci extension level and horizontal overlap support
1st Support:
0.70958
Why we like it:
horizontal swing low support, 61.8% Fibonacci extension level
1st Resistance:
0.72732
Why we like it:
50.0% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.