AUDNZD testing resistance, potential drop!
Price is testing our major resistance at 1.0658 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 1.0554 (horizontal overlap support, 61.8% Fibonacci retracement). A breakout below our intermediate support at 1.0606 (horizontal overlap support, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (34,5,3) is also seeing a bearish divergence and is reacting off our major resistance level, where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
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Stochastic (34,5,3) is also seeing a bearish divergence and is reacting off our major resistance level, where we 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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