#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.71433, which is in line with 50.0% Fibonacci retracement level and horizontal overlap support. A reversal from this level may see price take resistance at price 0.72742. This level coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance. Finally, we can expect price to take support at 0.70907horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.71433
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
0.70907
Why we like it:
horizontal swing low support
1st Resistance:
0.72742
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 0.71433, which is in line with 50.0% Fibonacci retracement level and horizontal overlap support. A reversal from this level may see price take resistance at price 0.72742. This level coincides with 50.0% Fibonacci retracement level and horizontal overlap resistance. Finally, we can expect price to take support at 0.70907horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.71433
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap support
1st Support:
0.70907
Why we like it:
horizontal swing low support
1st Resistance:
0.72742
Why we like it:
50.0% Fibonacci retracement level and horizontal overlap resistance
Trading FX & CFDs carries high risk.
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