#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.75297 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.74969, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.75472, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.75297
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.74969
Why we like it:
horizontal swing low support
1st Resistance:
0.75472
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.75297 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.74969, which is in line with horizontal swing low support. Alternatively, price may rise up to our resistance at 0.75472, which coincides with horizontal swing high resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
0.75297
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.74969
Why we like it:
horizontal swing low support
1st Resistance:
0.75472
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Aviso legal
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