#AUDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.73954 where we have 161.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 0.7328, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.7425, which coincides with 161.8% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level . Bearish Reversal
Pivot:
0.73954
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.73280
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.74250
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.73954 where we have 161.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 0.7328, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.7425, which coincides with 161.8% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level . Bearish Reversal
Pivot:
0.73954
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.73280
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.74250
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
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