AUDUSD reversed from our Pivot point, potential for a rise
Description
Price is reversing from our Pivot point of 0.75238, which is in line with our 38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce at this level to our first resistance level of 0.76058, in line with 161.8% Fibonacci extension. It is worth noting that price is trending above the Ichimoku cloud, and an ascending trendline which is showing bullish momentum in line with our analysis.
Pivot: 0.75238
Why we like it:
38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 0.74808
Why we like it:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal graphical overlap
1st Resistance: 0.76058
Why we like it:
100% Fibonacci extension
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point of 0.75238, which is in line with our 38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce at this level to our first resistance level of 0.76058, in line with 161.8% Fibonacci extension. It is worth noting that price is trending above the Ichimoku cloud, and an ascending trendline which is showing bullish momentum in line with our analysis.
Pivot: 0.75238
Why we like it:
38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 0.74808
Why we like it:
61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal graphical overlap
1st Resistance: 0.76058
Why we like it:
100% Fibonacci extension
Trading FX & CFDs carries high risk.
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