AUDNZD testing resistance, potential rise on breakout!

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AUDNZD is testing our first resistance at 1.0585 (horizontal pullback resistance) which coincides with our short term descending resistance line. If price breaks out of this level, a strong rally might occur pushing price up to our major resistance at 1.0627 (horizontal swing high resistance, 38.2%, 50% Fibonacci retracement, 61.8% 100% Fibonacci extension).

RSI (89) is testing its descending resistance line and a breakout of this level might be a good precursor of a potential rise in price.

Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.

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That's why it's important to give your trading ideas enough breathing space :)