AUDNZD approaching its resistance, potential reversal!
Updated
AUDNZD is approaching its resistance at 1.0665 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) where a potential reversal could occur, causing price to drop to its 1st support at 1.0599 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support). We have also identified another resistance area at 1.06888 (61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is making a corresponding approach to its resistance at 97% where a reaction could occur.
Stochastic (89, 5, 3) is making a corresponding approach to its resistance at 97% where a reaction could occur.
Trade closed: target reached
AUDNZD dropped nicely to our support target! Nice!
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