#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.72215, which is in line with 38.2% Fibonacci retracement levelhorizontal swing high resistance. A reversal from this level may see price take resistance at price 0.71986. This level coincides with 78.6% Fibonacci retracement level. Finally, we can expect price to take support at 0.7297938.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72215
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing high resistance
1st Support:
0.72979
Why we like it:
38.2% Fibonacci retracement level & horizontal swing high resistance
1st Resistance:
0.71986
Why we like it:
78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.72215, which is in line with 38.2% Fibonacci retracement levelhorizontal swing high resistance. A reversal from this level may see price take resistance at price 0.71986. This level coincides with 78.6% Fibonacci retracement level. Finally, we can expect price to take support at 0.7297938.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72215
Why we like it:
38.2% Fibonacci retracement levelhorizontal swing high resistance
1st Support:
0.72979
Why we like it:
38.2% Fibonacci retracement level & horizontal swing high resistance
1st Resistance:
0.71986
Why we like it:
78.6% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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