AUDNZD approaching resistance, potential drop!

AUDNZD is approaching our first resistance at 1.0691 (38.2% Fibonacci retracement, horizontal overlap resistance). A strong reaction might occur at this level pushing price down to our major support at 1.0637 (horizontal swing low support, 61.8% Fibonacci extension). A breakout of our intermediate support level at 1.0657 (horizontal overlap support) might provide further bearish acceleration to our major support.

Stochastic (21,5,3) is also approaching its major resistance at 94% and we might see a corresponding drop in price should it react off this level.

Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.

Trade closed: target reached:

Woohooo! profit target reached perfectly guys! hope you manage to get on this trade!