#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.72245, which is in line with 23.6% Fibonacci retracement level & horizontal overlap resistance. A reversal from this level may see price take resistance at price 0.70626. This level coincides with 127.2% Fibonacci extension levelhorizontal overlap support. Finally, we can expect price to take support at 0.71185horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.72245
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.71185
Why we like it:
horizontal swing low support
1st Resistance:
0.70626
Why we like it:
127.2% Fibonacci extension levelhorizontal overlap support
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.72245, which is in line with 23.6% Fibonacci retracement level & horizontal overlap resistance. A reversal from this level may see price take resistance at price 0.70626. This level coincides with 127.2% Fibonacci extension levelhorizontal overlap support. Finally, we can expect price to take support at 0.71185horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.72245
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.71185
Why we like it:
horizontal swing low support
1st Resistance:
0.70626
Why we like it:
127.2% Fibonacci extension levelhorizontal overlap support
Trading FX & CFDs carries high risk.