#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.71023 which is in line with 61.8% Fibonacci retracement level & horizontal overlap support. Price can potentially take support at 0.69964, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.71726, which coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.71023
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69964
Why we like it:
horizontal swing low support
1st Resistance:
0.71726
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.71023 which is in line with 61.8% Fibonacci retracement level & horizontal overlap support. Price can potentially take support at 0.69964, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.71726, which coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.71023
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69964
Why we like it:
horizontal swing low support
1st Resistance:
0.71726
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
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