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.
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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