#AUDUSD approaching pivot, potential for rise!
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.72714 which is in line with horizontal overlap resistance and 61.8% Fibonacci retracement from 1st support at 0.71939, which is in line with horizontal overlap support and 61.8% Fibonacci retracement level. Alternatively, price may break 1st support structure and head for 2nd support at 0.71459, which coincides with horizontal swing low resistance and 127.2% Fibonacci extension.
Pivot:
0.71939
Why we like it:
Horizontal overlap support and 61.8% Fibonacci retracement
1st Support:
0.71459
Why we like it:
Horizontal swing low resistance and 127.2% Fibonacci extension
1st Resistance:
0.72714
Why we like it:
Horizontal overlap resistance and 61.8% Fibonacci retracement
Trading FX & CFDs carries high risk.
Pivot:
0.71939
Why we like it:
Horizontal overlap support and 61.8% Fibonacci retracement
1st Support:
0.71459
Why we like it:
Horizontal swing low resistance and 127.2% Fibonacci extension
1st Resistance:
0.72714
Why we like it:
Horizontal overlap resistance and 61.8% Fibonacci retracement
Trading FX & CFDs carries high risk.
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