#AUDUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 0.73531 which is in line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 0.72605, which is in line with -27.2%Fibonacci retracement level, 127.2% Fibonacci extension level. Alternatively, price may rise up to our resistance at 0.74166, which coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
0.73531
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.72605
-27.2%Fibonacci retracement level, 127.2% Fibonacci extension level
1st Resistance:
0.74166
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.73531
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
0.72605
-27.2%Fibonacci retracement level, 127.2% Fibonacci extension level
1st Resistance:
0.74166
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Penafian
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