AUDUSD approaching pivot, potential for a bounce

 
                        

Price is approaching the pivot level of 0.72496, which is in line with the 78.6% Fibonacci retracement level. A reversal from this level may see price take resistance at price 0.73758. This level coincides with 61.8% Fibonacci retracement level. Finally, we can expect the price to take support at 0.72202horizontal swing low support. This is further supported by how price is likely to bounce off the RSI support level.

Pivot:
0.72496
Why we like it:
78.6% Fibonacci retracement level

1st Support:
0.72202
Why we like it:
horizontal swing low support

1st Resistance:
0.73758
Why we like it:
61.8% Fibonacci retracement level







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