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AUDNZD approaching support, potential rise!

Long
Australian Dollar / New Zealand Dollar (FX:AUDNZD)  
Tickmill Broker  
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDNZD aud NZD audnzdlong audnzdshort Forex forextrading forexsignals bitocin
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trendanalysis harmonicpatterns chartpattern audnzd aud nzd audnzdlong audnzdshort forex forextrading forexsignals bitocin
AUDNZD is approaching our first support at 1.0623 (horizontal swing low support, 100% Fibonacci extension). A strong bounce might occur at this level pushing price up to our major resistance at 1.0691 (50% Fibonacci retracement, horizontal overlap resistance, 61.8% Fibonacci extension). A breakout of our intermediate resistance at 1.0657 (horizontal overlap resistance, 23.6% Fibonacci extension) might provide a bullish acceleration to our major resistance level.

RSI (21) is also approaching its support at 34%, a good precursor for a potential rise in price should it bounce off this level.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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