AUDNZD is testing major resistance and presents us with a good opportunity to sell.
Sell below 1.0711. Stop loss at 1.0734. Take profit at 1.0656.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.0711 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to 1.0656 support (Fibonacci extension, Fibonacci retracement, horizontal overlap support).
Stochastic (89,5,3) is seeing major resistance at 95% and a corresponding reaction could occur at this level.
Sell below 1.0711. Stop loss at 1.0734. Take profit at 1.0656.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.0711 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices down to 1.0656 support (Fibonacci extension, Fibonacci retracement, horizontal overlap support).
Stochastic (89,5,3) is seeing major resistance at 95% and a corresponding reaction could occur at this level.