#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.72256, which is in line with 161.8% Fibonacci extension level, 100% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.72979. This level coincides with horizontal overlap resistance. Finally, we can expect price to take support at 0.71717127.2% Fibonacci extension levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72256
Why we like it:
161.8% Fibonacci extension level, 100% Fibonacci extension level & horizontal overlap support
1st Support:
0.71717
Why we like it:
127.2% Fibonacci extension levelhorizontal swing low support
1st Resistance:
0.72979
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.72256, which is in line with 161.8% Fibonacci extension level, 100% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.72979. This level coincides with horizontal overlap resistance. Finally, we can expect price to take support at 0.71717127.2% Fibonacci extension levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72256
Why we like it:
161.8% Fibonacci extension level, 100% Fibonacci extension level & horizontal overlap support
1st Support:
0.71717
Why we like it:
127.2% Fibonacci extension levelhorizontal swing low support
1st Resistance:
0.72979
Why we like it:
horizontal overlap resistance
Trading FX & CFDs carries high risk.