#AUSDUSD is above pivot, potential for further upside
Price is reacting above our pivot level at 0.72588 which is in line with 127.2% Fibonacci extension level. Price could potentially bounce further upside to resistance at 0.72962 which is in line with 38.2% Fibonacci retracement level , 78.6% Fibonacci extension level and 20EMA. Stochastic is also at support level where previous bounces occurred.
Alternatively, price may drop towards support at 0.72074, which coincides with -27.2% Fibonacci retracement level and 161.8% Fibonacci extension level.
Pivot:
0.72588
Why we like it:
127.2% Fibonacci extension level
1st Support:
0.72074
-27.2% Fibonacci retracement level and 161.8% Fibonacci extension level
1st Resistance:
0.72962
38.2% Fibonacci retracement level , 78.6% Fibonacci extension level and 20EMA
Trading FX & CFDs carries high risk.
Alternatively, price may drop towards support at 0.72074, which coincides with -27.2% Fibonacci retracement level and 161.8% Fibonacci extension level.
Pivot:
0.72588
Why we like it:
127.2% Fibonacci extension level
1st Support:
0.72074
-27.2% Fibonacci retracement level and 161.8% Fibonacci extension level
1st Resistance:
0.72962
38.2% Fibonacci retracement level , 78.6% Fibonacci extension level and 20EMA
Trading FX & CFDs carries high risk.
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