AUDNZD testing resistance, potential drop!
AUDNZD is testing our first resistance at 1.0993 (horizontal overlap resistance, 50%, 76.4% Fibonacci retracement) and a strong might occur below this level pushing price down to our major support at 1.0920 (61.8% Fibonacci retracement).
Stochastic (55,5,3) is also approaching resistance and a reaction below this level 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.
Stochastic (55,5,3) is also approaching resistance and a reaction below this level 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results