#AUDUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 0.72226, which is in line with horizontal overlap resistance. A reversal from this level may see price take resistance at price 0.73102. This level coincides with 61.8% Fibonacci retracement level. Finally, we can expect price to take support at 0.71049horizontal swing low support & 127.2% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
0.72226
Why we like it:
horizontal overlap resistance
1st Support:
0.71049
Why we like it:
horizontal swing low support & 127.2% Fibonacci extension level
1st Resistance:
0.73102
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
0.72226
Why we like it:
horizontal overlap resistance
1st Support:
0.71049
Why we like it:
horizontal swing low support & 127.2% Fibonacci extension level
1st Resistance:
0.73102
Why we like it:
61.8% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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