AUDUSD, H4 is reversing to our Pivot point, potential for a rise
Description
Price is reversing to our Pivot point of 0.75898, which is in line with our 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce at this level to our first resistance level of 0.76663, in line with 61.8% Fibonacci extension and -27% fibonacci retracement. It is worth noting that price is trending above the Ichimoku cloud, and an ascending trendline which is showing bullish momentum in line with our analysis.
Pivot: 0.75898
Why we like it:
38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 0.75604
Why we like it:
61.8%, 78.6% Fibonacci retracement, 127% Fibonacci extension and ascending trendline support.
1st Resistance: 0.76663
Why we like it:
61.8% Fibonacci extension and -27% fibonacci retracement
Trading FX & CFDs carries high risk.
Price is reversing to our Pivot point of 0.75898, which is in line with our 38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce at this level to our first resistance level of 0.76663, in line with 61.8% Fibonacci extension and -27% fibonacci retracement. It is worth noting that price is trending above the Ichimoku cloud, and an ascending trendline which is showing bullish momentum in line with our analysis.
Pivot: 0.75898
Why we like it:
38.2%, 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 0.75604
Why we like it:
61.8%, 78.6% Fibonacci retracement, 127% Fibonacci extension and ascending trendline support.
1st Resistance: 0.76663
Why we like it:
61.8% Fibonacci extension and -27% fibonacci retracement
Trading FX & CFDs carries high risk.
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