AUDUSD, H4 is reversing from Pivot point, potential for a rise
Description
Price is reversing from our Pivot point of 0.74438, which is in line with our 78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce at this level to our first resistance level of 0.75096, in line with 100% 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: 0.74438
Why we like it:
78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 0.74171
Why we like it:
127% Fibonacci retracement, 78.6% Fibonacci extension
1st Resistance: 0.75096
Why we like it:
100% Fibonacci extension
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point of 0.74438, which is in line with our 78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap, where we could see a potential bounce at this level to our first resistance level of 0.75096, in line with 100% 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: 0.74438
Why we like it:
78.6% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical overlap
1st Support: 0.74171
Why we like it:
127% Fibonacci retracement, 78.6% Fibonacci extension
1st Resistance: 0.75096
Why we like it:
100% Fibonacci extension
Trading FX & CFDs carries high risk.
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