AUDNZD approaching resistance potential drop!
AUDNZD is approaching our first major resistance at 1.0601 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 1.0489 (horizontal swing low support, 100% Fibonacci extension). A breakout below our intermediate support at 1.0554 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (55,5,3) is also seeing a bearish divergence and is approaching our major resistance where are reaction off this level might be a good precursor for potential drop in price.
Trading CFDs on margin carries high risk.
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Stochastic (55,5,3) is also seeing a bearish divergence and is approaching our major resistance where are reaction off this level might be a good precursor for potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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