#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.73224, which is in line with 161.8% Fibonacci extension levelhorizontal overlap support. A reversal from this level may see price take resistance at price 0.7287. This level coincides with 100% Fibonacci extension levelhorizontal overlap resistance. Finally, we can expect price to take support at 0.73724100% Fibonacci extension levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.73224
Why we like it:
161.8% Fibonacci extension level horizontal overlap support
1st Support:
0.73724
Why we like it:
100% Fibonacci extension level horizontal overlap support
1st Resistance:
0.72870
Why we like it:
100% Fibonacci extension level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.73224, which is in line with 161.8% Fibonacci extension levelhorizontal overlap support. A reversal from this level may see price take resistance at price 0.7287. This level coincides with 100% Fibonacci extension levelhorizontal overlap resistance. Finally, we can expect price to take support at 0.73724100% Fibonacci extension levelhorizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.73224
Why we like it:
161.8% Fibonacci extension level horizontal overlap support
1st Support:
0.73724
Why we like it:
100% Fibonacci extension level horizontal overlap support
1st Resistance:
0.72870
Why we like it:
100% Fibonacci extension level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
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