AUDNZD Approaching Resistance, Prepare For Reversal!
Sell below 1.0954. Stop loss 1.1078. Take profit at 1.0789.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.0954 (100% & 61.8% Fibonacci extension, 78.6% & 61.8% Fibonacci retracement, horizontal swing high resistance) where we expect price to react, causing it to reverse and fall to its support at 1.0789 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur. We have also identified a bearish divergence with price.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.0954 (100% & 61.8% Fibonacci extension, 78.6% & 61.8% Fibonacci retracement, horizontal swing high resistance) where we expect price to react, causing it to reverse and fall to its support at 1.0789 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 99% where a corresponding reversal could occur. We have also identified a bearish divergence with price.