#AUSDUSD is approaching pivot, potential for bounce
Price is approaching our pivot level at 0.70985 which is in line with -61.8% Fibonacci retracement level and 100% Fibonacci extension level. Price could potentially bounce towards resistance at 0.72100 which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level and 20EMA. Stochastic is also at support level where previous bounces occurred.
Alternatively, price may drop towards support at 0.70338, which coincides with -27.2% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.70985
Why we like it:
-61.8% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
0.70338
-27.2% Fibonacci retracement level and 127.2% Fibonacci extension level
1st Resistance:
0.72100
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level and 20EMA
Trading FX & CFDs carries high risk.
Alternatively, price may drop towards support at 0.70338, which coincides with -27.2% Fibonacci retracement level and 127.2% Fibonacci extension level.
Pivot:
0.70985
Why we like it:
-61.8% Fibonacci retracement level and 100% Fibonacci extension level
1st Support:
0.70338
-27.2% Fibonacci retracement level and 127.2% Fibonacci extension level
1st Resistance:
0.72100
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level and 20EMA
Trading FX & CFDs carries high risk.
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