AUDNZD approaching resistance, potential drop!
AUDNZD is approaching our first support at 1.0894 (horizontal overlap support) and a breakout might occur below this level pushing price down to our major support at 1.0830 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Stochastic (89, 5, 3) is also reacting off our resistance and we might see a corresponding drop in price.
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RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Stochastic (89, 5, 3) is also reacting off our resistance and we 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