FX:AUDNZD   Australian Dollar / New Zealand Dollar
AUDNZD is still moving inside the descending channel .
And a sharp down happened just now.
Your patience is worthy.

Now we are waiting for TP1 TO HIT FIRST.

Less is more!
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Nice identification of a descending channel on AUDNZD and there may be bearish bias as you have identified. For our set up, we have identified the key resistance and support levels. The resistance that we have identified is at 1.0761. There is a 61.8% Fibonacci extension and 38.2% Fibonacci retracement at this level. RSI is approaching its resistance where a corresponding reversal could occur. If a reversal does occur, we may want to look at the 1.0714 support level. It is a horizontal swing low support. Looking forward to seeing how things develop.

Please have a look at our idea and share with us what you think.

@ICmarkets, I think it too early to say that will be a reversal.
+1 Reply
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