#AUDUSD approaching pivot, potential for a bounce! Description
Description
Price is approaching pivot level of 0.7092, which is in line with horizontal swing low support. A reversal from this level may see price rise to 1st resistance at price 0.71826. This level coincides with 61.8% Fibonacci retracement level and horizontal overlap resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 0.70651 in line with the 127.2% Fibonacci extension level and horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.70920
Why we like it:
horizontal swing low support
1st Support:
0.70651
Why we like it:
127.2% Fibonacci extension level and horizontal overlap support
1st Resistance:
0.71826
61.8% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.7092, which is in line with horizontal swing low support. A reversal from this level may see price rise to 1st resistance at price 0.71826. This level coincides with 61.8% Fibonacci retracement level and horizontal overlap resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 0.70651 in line with the 127.2% Fibonacci extension level and horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.70920
Why we like it:
horizontal swing low support
1st Support:
0.70651
Why we like it:
127.2% Fibonacci extension level and horizontal overlap support
1st Resistance:
0.71826
61.8% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
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