AUDNZD testing resistance, potential rise on breakout!
AUDNZD is testing our first resistance at 1.0585 (horizontal pullback resistance) which coincides with our short term descending resistance line. If price breaks out of this level, a strong rally might occur pushing price up to our major resistance at 1.0627 (horizontal swing high resistance, 38.2%, 50% Fibonacci retracement, 61.8% 100% Fibonacci extension).
RSI (89) is testing its descending resistance line and a breakout of this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is testing its descending resistance line and a breakout of this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
That's why it's important to give your trading ideas enough breathing space :)
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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