AUDNZD is approaching resistance, potential drop!

AUDNZD is approaching our first major resistance at 1.060 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support level at 1.0489 (horizontal swing low support, 100% Fibonacci extension). A breakout below our intermediate support at 1.0554 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.

Stochastic (55,5,3) is also approaching our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price.

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