#AUDUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 0.7338, which is in line with 38.2% Fibonacci retracement levelhorizontal swing low support. A reversal from this level may see price take resistance at price 0.7479. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 0.7277550.0% Fibonacci retracement level . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.73380
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Support:
0.72775
Why we like it:
50.0% Fibonacci retracement level
1st Resistance:
0.74790
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.73380
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing low support
1st Support:
0.72775
Why we like it:
50.0% Fibonacci retracement level
1st Resistance:
0.74790
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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