AUDNZD approaching resistance, potential drop!
AUDNZD is approaching our first resistance at 1.0670 (23.6% Fibonacci retracement, horizontal overlap support, 61.8% Fibonacci extension). A strong reaction could occur at this level pushing price down to our major support at 1.0636 (horizontal swing low support, 100% Fibonacci extension).
RSI (21) is also approaching its major descending resistance line and we might see a corresponding 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.
RSI (21) is also approaching its major descending resistance line and we might see a corresponding 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