AUDNZD approaching resistance, potential drop!
AUDNZD is approaching our first support at 1.0894 (horizontal overlap support) and a breakout might occur below this level pushing price down to our major support at 1.0830 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Stochastic (89, 5, 3) is also reacting off our resistance and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Stochastic (89, 5, 3) is also reacting off our resistance and we might see a corresponding drop in price.
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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