AUDUSD is approaching Pivot, potential for bounce! | 11 Nov 2021

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Price is on a bullish momentum forming a potential bullish trendline. We see potential for a bounce from our 1st support at 0.72534 in line with 78.6% Fibonacci retracement ascending trendline and graphical swing low towards our 1st resistance at 0.73587 in line with 38.2%,61.8% and 61.8% Fibonacci retracement. Alternatively, our stop loss will be placed at 2nd support at 0.71703 in line with 127.2% Fibonacci extensions and graphical swing low. RSI is approaching levels where bounces occurred previously.

Trading Recommendation

Entry: 1.1617

Reason for Entry:

78.6% Fibonacci retracement and 78.6% Fibonacci retracement

Take Profit: 1.15413

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension, 61.8% Fibonacci Retracement

Stop Loss: 1.16509

Reason for Stop Loss:

127.2% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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