#AUDUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 0.72252 where we have 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 0.7095, which is in line with 38.2% Fibonacci retracement level horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 0.72863, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72252
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
0.70950
Why we like it:
38.2% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
0.72863
Why we like it:
horizontal swing high 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.