AUDNZD approaching resistance, potential drop!
AUDNZD is approaching our first resistance at 1.0627 (23.6%, 38.2% Fibonacci retracement, horizontal overlap resistance, 100% Fibonacci extension). A strong reaction might occur at this level pushing price down to our major support level at 1.0516 (61.8%, 100% Fibonacci extension, Elliot wave structure). A breakout of our intermediate support at 1.0586 (horizontal swing low support) might provide the bearish acceleration to our major support level. Price is also testing the Ichimoku cloud and it is showing bearish pressure.
Stochastic (21,5,3) is also testing its major resistance at 93%, a good precursor of a potential drop in price should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (21,5,3) is also testing its major resistance at 93%, a good precursor of a potential drop in price should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade active:
well on its way!!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results