#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.74226 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.73783, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.74582, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.74226
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.73783
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
0.74582
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.74226 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.73783, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.74582, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.74226
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.73783
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
0.74582
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.