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.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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.
Come join us today at : www.easymarkets.com/