#AUDUSD approaching pivot, potential for a reversal!

2021年10月21日

Price is approaching pivot level of 0.72252 where we have 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.7095, which is in line with 38.2% Fibonacci retracement level horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.72863, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.

Pivot:
0.72252
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance

1st Support:
0.70950
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support

1st Resistance:
0.72863
Why we like it:
horizontal swing high resistance

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