#AUDUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 0.73785, which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support. A reversal from this level may see price take resistance at price 0.743. This level coincides with 88% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 0.73578.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the EMA .
Pivot:
0.73785
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Support:
0.73500
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.74300
88% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
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