AUDNZD is approaching support, potential bounce!
AUDNZD broke out of our long term descending resistance-turned-support line and is approaching our first support at 1.0671 (horizontal pullback support, breakout level) and a strong bounce might occur above this level, pushing price up to our major resistance at 1.0764 (horizontal swing high resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (89) is also seeing a bullish exit and might be a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bullish exit and might be a good precursor for a potential rise 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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