#AUDUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 0.73228, which is in line with 78.6% Fibonacci retracement level. A reversal from this level may see price take resistance at price 0.7387. This level coincides with horizontal swing high resistance. Finally, we can expect price to take support at 0.7212850.0% Fibonacci retracement levelhorizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.73228
Why we like it:
78.6% Fibonacci retracement level
1st Support:
0.72128
Why we like it:
50.0% Fibonacci retracement level horizontal swing low support
1st Resistance:
0.73870
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
0.73228
Why we like it:
78.6% Fibonacci retracement level
1st Support:
0.72128
Why we like it:
50.0% Fibonacci retracement level horizontal swing low support
1st Resistance:
0.73870
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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