#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.
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.