#AUDUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 0.72373, which is in line with 23.6% Fibonacci retracement level & moving average support. A reversal from this level may see price take resistance at price 0.73234. This level coincides with 78.6% Fibonacci retracement levelhorizontal overlap resistance. Finally, we can expect price to take support at 0.7169961.8% Fibonacci retracement level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72373
Why we like it:
23.6% Fibonacci retracement level & moving average support
1st Support:
0.71699
61.8% Fibonacci retracement level
1st Resistance:
0.73234
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.72373
Why we like it:
23.6% Fibonacci retracement level & moving average support
1st Support:
0.71699
61.8% Fibonacci retracement level
1st Resistance:
0.73234
78.6% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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