AUDUSD, H4 bounced from our Pivot point, potential for a rise
Description
Price bounced from our Pivot point of 0.77619, which is in line with our 38.2%, 78.6% Fibonacci retracement, 127%, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 0.78786, in line with a fibonacci confluence. It is noteworthy that price is trending above an ascending trendline and the Ichimoku cloud, in line with our bullish analysis.
Pivot: 0.77619
Why we like it:
38.2%, 78.6% Fibonacci retracement, 127%, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.77107
Why we like it:
61.8%, 127% fibonacci retracement, 127%, 61.8% fibonacci extension and ascending trendline support
1st Resistance: 0.78786
Why we like it:
-27% Fibonacci retracement and 127% fibonacci extension
Trading FX & CFDs carries high risk.
Price bounced from our Pivot point of 0.77619, which is in line with our 38.2%, 78.6% Fibonacci retracement, 127%, 61.8% fibonacci extension and horizontal graphical overlap, where we could see a potential rise from this level to our first resistance level of 0.78786, in line with a fibonacci confluence. It is noteworthy that price is trending above an ascending trendline and the Ichimoku cloud, in line with our bullish analysis.
Pivot: 0.77619
Why we like it:
38.2%, 78.6% Fibonacci retracement, 127%, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 0.77107
Why we like it:
61.8%, 127% fibonacci retracement, 127%, 61.8% fibonacci extension and ascending trendline support
1st Resistance: 0.78786
Why we like it:
-27% Fibonacci retracement and 127% fibonacci extension
Trading FX & CFDs carries high risk.
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