#AUDUSD approaching pivot, potential for rise!
Description
Price has broken above our pivot level at 0.74893 which is in line with 38.2% Fibonacci retracement level & horizontal swing high resistance . We could potentially see a further rise from here towards 0.75472, which coincides with 61.8% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 0.7455, which coincides with horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.74893
Why we like it:
38.2% Fibonacci retracement level & horizontal swing high resistance
1st Support:
0.74550
Why we like it:
horizontal swing low support
1st Resistance:
0.75472
Why we like it:
61.8% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price has broken above our pivot level at 0.74893 which is in line with 38.2% Fibonacci retracement level & horizontal swing high resistance . We could potentially see a further rise from here towards 0.75472, which coincides with 61.8% Fibonacci extension levelhorizontal swing high resistance. Finally, we can expect price to take support at 0.7455, which coincides with horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.74893
Why we like it:
38.2% Fibonacci retracement level & horizontal swing high resistance
1st Support:
0.74550
Why we like it:
horizontal swing low support
1st Resistance:
0.75472
Why we like it:
61.8% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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