#AUDUSD, H4 is bouncing from pivot, potential for rise!
Price is approaching pivot level of 0.73849, which is in line with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 0.74579. This level coincides with 78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level. Finally, we can expect price to take support at 0.7339578.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
0.73849
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
0.73395
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.74579
78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
Pivot:
0.73849
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
0.73395
78.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.74579
78.6% Fibonacci retracement level, 127.2% Fibonacci retracement level
Trading FX & CFDs carries high risk.
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