AUDNZD approaching resistance, potential drop!
Price is approaching our first resistance at 1.0779 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) where a strong reaction might occur below this level pushing price down to our major support at 1.0602 (horizontal overlap support, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1.0667 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (21,5,3) is also seeing bearish divergence and is approaching its resistance and a reaction off this level 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.
Stochastic (21,5,3) is also seeing bearish divergence and is approaching its resistance and a reaction off this level 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.
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