#AUDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.74574 where we have 127.2% Fibonacci extension level horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.7384, which is in line with horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.7478, which coincides with 161.8% Fibonacci extension level horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.74574
Why we like it:
127.2% Fibonacci extension level horizontal swing high resistance
1st Support:
0.73840
Why we like it:
horizontal overlap support
1st Resistance:
0.74780
Why we like it:
161.8% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.74574 where we have 127.2% Fibonacci extension level horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.7384, which is in line with horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.7478, which coincides with 161.8% Fibonacci extension level horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.74574
Why we like it:
127.2% Fibonacci extension level horizontal swing high resistance
1st Support:
0.73840
Why we like it:
horizontal overlap support
1st Resistance:
0.74780
Why we like it:
161.8% Fibonacci extension levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
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