#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.73642 which is in line with 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.72791, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.74249, which coincides with 127.2% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.73642
Why we like it:
61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.72791
Why we like it:
horizontal swing low support
1st Resistance:
0.74249
Why we like it:
127.2% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.73642 which is in line with 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.72791, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.74249, which coincides with 127.2% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.73642
Why we like it:
61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.72791
Why we like it:
horizontal swing low support
1st Resistance:
0.74249
Why we like it:
127.2% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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