#AUDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.72886 where we have 38.2% Fibonacci retracement levelhorizontal swing high resistance lining up. A reversal from this level might see price take support at 0.71732, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.73175, which coincides with 61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72886
Why we like it:
38.2% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.71732
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.73175
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.72886 where we have 38.2% Fibonacci retracement levelhorizontal swing high resistance lining up. A reversal from this level might see price take support at 0.71732, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.73175, which coincides with 61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72886
Why we like it:
38.2% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.71732
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.73175
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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