#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.72272 which is in line with 23.6% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.71185, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.72744, which coincides with 50.0% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.72272
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.71185
Why we like it:
horizontal swing low support
1st Resistance:
0.72744
Why we like it:
50.0% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.72272 which is in line with 23.6% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.71185, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.72744, which coincides with 50.0% Fibonacci retracement levelhorizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.72272
Why we like it:
23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.71185
Why we like it:
horizontal swing low support
1st Resistance:
0.72744
Why we like it:
50.0% Fibonacci retracement levelhorizontal swing high resistance
Trading FX & CFDs carries high risk.
Penafian
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