#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.71054, which is in line with 61.8% Fibonacci retracement level & horizontal swing low support. A reversal from this level may see price take resistance at price 0.71726. This level coincides with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, we can expect price to take support at 0.70648127.2% Fibonacci extension levelhorizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.71054
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Support:
0.70648
Why we like it:
127.2% Fibonacci extension levelhorizontal swing low support
1st Resistance:
0.71726
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.71054, which is in line with 61.8% Fibonacci retracement level & horizontal swing low support. A reversal from this level may see price take resistance at price 0.71726. This level coincides with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, we can expect price to take support at 0.70648127.2% Fibonacci extension levelhorizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.71054
Why we like it:
61.8% Fibonacci retracement level & horizontal swing low support
1st Support:
0.70648
Why we like it:
127.2% Fibonacci extension levelhorizontal swing low support
1st Resistance:
0.71726
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
Trading FX & CFDs carries high risk.