#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.74226 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.73783, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.74582, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.74226
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.73783
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
0.74582
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 0.74226 which is in line with 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.73783, which is in line with 78.6% Fibonacci retracement levelhorizontal swing low support. Alternatively, price may rise up to our resistance at 0.74582, which coincides with 50.0% Fibonacci retracement levelhorizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
0.74226
Why we like it:
61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.73783
Why we like it:
78.6% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
0.74582
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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