#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.71397, which is in line with 50.0% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price rise to 1st resistance at price 0.72763. This level coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance. Alternatively, we may see price drop to 1st support at 0.7065 in line with the 161.8% Fibonacci retracement level and horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.71397
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
0.70651
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
0.72763
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.71397, which is in line with 50.0% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price rise to 1st resistance at price 0.72763. This level coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance. Alternatively, we may see price drop to 1st support at 0.7065 in line with the 161.8% Fibonacci retracement level and horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.71397
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
0.70651
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support
1st Resistance:
0.72763
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
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