AUDUSD, is approaching pivot. Potential for a bounce.
Description:
Price is facing bullish pressure as it holds above the Ichimoku cloud. We could see a medium-probability bullish scenario, with price bouncing from our pivot at 0.77410 towards 1st resistance at 0.78054. Otherwise, failure to hold above pivot could see price swing lower towards 1st support at 0.76973. It is noteworthy that Stochastics is also approaching the 42.82% support level as well.
Pivot: 0.77410
Supporting Points:
78.6% Fibonacci retracement, 100% Fibonacci extension and graphical swing low support
1st Support: 0.76973
Supporting Points:
161.8% Fibonacci extension and graphical swing low support
1st Resistance: 0.78054
Supporting Points:
61.8% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.
Price is facing bullish pressure as it holds above the Ichimoku cloud. We could see a medium-probability bullish scenario, with price bouncing from our pivot at 0.77410 towards 1st resistance at 0.78054. Otherwise, failure to hold above pivot could see price swing lower towards 1st support at 0.76973. It is noteworthy that Stochastics is also approaching the 42.82% support level as well.
Pivot: 0.77410
Supporting Points:
78.6% Fibonacci retracement, 100% Fibonacci extension and graphical swing low support
1st Support: 0.76973
Supporting Points:
161.8% Fibonacci extension and graphical swing low support
1st Resistance: 0.78054
Supporting Points:
61.8% Fibonacci extension and graphical swing high resistance
Trading FX & CFDs carries high risk.