AUDNZD Approaching Resistance, Look to Sell On Strength!
Sell below 1.0730. Stop loss 1.0772. Take profit at 1.0618.
Reason for the trading strategy (technically):
AUDNZD is approaching resistance at 1.0730 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, multiple swing high resistance) where we expect to see a reversal, causing price to fall to its support at 1.0618 (61.8% Fibonacci extension, horizontal swing low support). We do have to be cautious of the intermediate support at 1.0670 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance where a corresponding reaction is expected.
Reason for the trading strategy (technically):
AUDNZD is approaching resistance at 1.0730 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, multiple swing high resistance) where we expect to see a reversal, causing price to fall to its support at 1.0618 (61.8% Fibonacci extension, horizontal swing low support). We do have to be cautious of the intermediate support at 1.0670 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching resistance where a corresponding reaction is expected.