#AUDUSD approaching pivot, potential for rise!
Price has broken above our pivot level at 0.72937 which is in line with 61.8% Fibonacci extension level & horizontal overlap support . We could potentially see a further rise from here towards 0.738, which coincides with horizontal overlap resistance. Finally, we can expect price to take support at 0.72325, which coincides with 100% Fibonacci extension level and horizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
0.72937
Why we like it:
61.8% Fibonacci extension level & horizontal overlap support
1st Support:
0.72325
Why we like it:
100% Fibonacci extension levelhorizontal overlap resistance
1st Resistance:
0.73800
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.72937
Why we like it:
61.8% Fibonacci extension level & horizontal overlap support
1st Support:
0.72325
Why we like it:
100% Fibonacci extension levelhorizontal overlap resistance
1st Resistance:
0.73800
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
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