#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.73785, which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support. A reversal from this level may see price take resistance at price 0.743. This level coincides with 88% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 0.73578.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the EMA .
Pivot:
0.73785
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Support:
0.73500
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.74300
88% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
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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.