AUDNZD approaching resistance, potential drop!
AUDNZD is approaching our major resistance at 1.0658 (horizontal swing high resistance, 100% Fibonacci extension, 50% Fibonacci retracement). A strong drop might occur below this level, pushing price down to our major support level at 1.0554 (horizontal overlap support, 61.8% Fibonacci retracement). A breakout below our intermediate support level 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, a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also seeing a bearish divergence and is reacting off our major resistance level, a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Come join us today at : easymarkets.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.