AUDNZD testing resistance, potential drop!
Price is testing our major resistance at 1.0658 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 1.0554 (horizontal overlap support, 61.8% Fibonacci retracement). A breakout below our intermediate support at 1.0606 (horizontal overlap support, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (34,5,3) is also seeing a bearish divergence and is reacting off our major resistance level, where we might see a corresponding drop in price.
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Stochastic (34,5,3) is also seeing a bearish divergence and is reacting off our major resistance level, where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Feragatname
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