#AUDUSD approaching pivot, potential for a drop!
Description
Price is reacting below our pivot level at 0.74007 which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 0.73127, which is in line with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 0.74422, which coincides with 50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is holding below the EMA
Pivot:
0.74007
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
0.73127
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
0.74422
50.0% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance
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