#AUDUSD approaching pivot, potentail for a reversal!
Description
Price is approaching pivot level of 0.73954 where we have 161.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 0.7328, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.7425, which coincides with 161.8% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level . Bearish Reversal
Pivot:
0.73954
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.73280
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.74250
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 0.73954 where we have 161.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 0.7328, which is in line with 38.2% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.7425, which coincides with 161.8% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to bounce off the Stochastic support level . Bearish Reversal
Pivot:
0.73954
Why we like it:
161.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
0.73280
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.74250
Why we like it:
161.8% Fibonacci extension 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.