#AUDUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 0.7353 where we have 88% Fibonacci retracement level lining up. A reversal from this level might see price take support at 0.7227, which is in line with 50.0% Fibonacci retracement level horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.74202, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.73530
Why we like it:
88% Fibonacci retracement level
1st Support:
0.72270
Why we like it:
50.0% Fibonacci retracement level horizontal swing low support
1st Resistance:
0.74202
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.73530
Why we like it:
88% Fibonacci retracement level
1st Support:
0.72270
Why we like it:
50.0% Fibonacci retracement level horizontal swing low support
1st Resistance:
0.74202
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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