Tickmill
Long

AUDNZD approaching support, potential rise!

FX:AUDNZD   Australian Dollar / New Zealand Dollar
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.

Comments

Hello, have you detected any next support of it goes lower? ~1.05485? (3rd July, 14th June)

It is now at a support from 28th July (/resistance of 12th July).
I was waiting all day for a reversal to buy, still waiting :D
Reply
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