#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.70894, which is in line with 50.0% Fibonacci retracement level & horizontal overlap support. We are biased that of a possible bullish reversal from this level to 1st resistance at price 0.71872. This level coincides with 38.2% Fibonacci retracement level and horizontal swing high resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 0.6998 in line with the horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.70894
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69980
Why we like it:
horizontal swing low support
1st Resistance:
0.71872
Why we like it:
38.2% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.70894, which is in line with 50.0% Fibonacci retracement level & horizontal overlap support. We are biased that of a possible bullish reversal from this level to 1st resistance at price 0.71872. This level coincides with 38.2% Fibonacci retracement level and horizontal swing high resistance. Alternatively, we may see price break pivot structure and drop to 1st support at 0.6998 in line with the horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.70894
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap support
1st Support:
0.69980
Why we like it:
horizontal swing low support
1st Resistance:
0.71872
Why we like it:
38.2% Fibonacci retracement level and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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