#AUDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.72886 where we have 38.2% Fibonacci retracement levelhorizontal swing high resistance lining up. A reversal from this level might see price take support at 0.71732, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.73175, which coincides with 61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72886
Why we like it:
38.2% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.71732
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.73175
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.72886 where we have 38.2% Fibonacci retracement levelhorizontal swing high resistance lining up. A reversal from this level might see price take support at 0.71732, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 0.73175, which coincides with 61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72886
Why we like it:
38.2% Fibonacci retracement level horizontal swing high resistance
1st Support:
0.71732
Why we like it:
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
0.73175
Why we like it:
61.8% Fibonacci retracement level, 50.0% Fibonacci retracement level & horizontal swing high 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.