#AUDUSD approaching pivot, potential for a breakout!
Price is approaching and likely to breakout of strong pivot level of 0.72178. This level coincides with 38.2% Fibonacci extension level. A break and close above this level could see price swing towards 1st resistance at 0.73234. This level is strengthened by horizontal swing low support. Finally, we can expect price to take support at 0.71073, which coincides with horizontal swing low support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
0.72178
Why we like it:
38.2% Fibonacci extension level
1st Support:
0.71073
Why we like it:
horizontal swing low support
1st Resistance:
0.73234
Why we like it:
78.6% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
0.72178
Why we like it:
38.2% Fibonacci extension level
1st Support:
0.71073
Why we like it:
horizontal swing low support
1st Resistance:
0.73234
Why we like it:
78.6% Fibonacci retracement level horizontal overlap resistance
Trading FX & CFDs carries high risk.
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