AUDNZD approaching support, potential bounce!
AUDNZD is approaching our first support at 1.0671 (horizontal overlap support, 23.6% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 1.0794 (horizontal swing high resistance, 61.8% Fibonacci extension, 38.2%, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure, in line with our bullish bias.
RSI (34) is approaching our major support and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is approaching our major support and we might see a corresponding rise in price should it bounce off this level.
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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