AUDNZD reacted off resistance, potential drop!
AUDNZD is approaching its major resistance at 1.0729 (horizontal swing high resistance, 61.8%, 76.4% Fibonacci retracement, 61.8%, 100% Fibonacci extension) which coincides with the short term descending resistance line. A strong reaction might occur at this level pushing price down to our major support at 1.0634 (61.8% Fibonacci extension, horizontal swing low support). Prices might retrace a little at our intermediate support at 1.0661 (horizontal overlap support, 76.4% Fibonacci retracement) before reaching our major support.
Stochastic (55,5,3) is also approaching its major resistance line at 95%, a good precursor for a potential drop in price should it react off this level.
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Stochastic (55,5,3) is also approaching its major resistance line at 95%, a good precursor for a potential drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results