#AUDUSD approaching pivot, potential for a bounce!
Price is at pivot level of 0.73380, which is in-line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and 200MA. Price could potentially swing towards resistance at 0.74790 which coincides with 100% Fibonacci retracement level and 61.8% Fibonacci extension level.
Alternatively, price could potentially drop to support level at 0.72775 which coincides with 50% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.73380
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and 200MA
1st Support:
0.72775
Why we like it:
50% Fibonacci retracement level and 127.2% Fibonacci extension level
1st Resistance:
0.74790
Why we like it:
100% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price could potentially drop to support level at 0.72775 which coincides with 50% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.73380
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level and 200MA
1st Support:
0.72775
Why we like it:
50% Fibonacci retracement level and 127.2% Fibonacci extension level
1st Resistance:
0.74790
Why we like it:
100% Fibonacci retracement level and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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