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theforexarmy

AUDNZD Approaching Resistance, Prepare For A Reversal!

Short
Australian Dollar / New Zealand Dollar (FX:AUDNZD)  
theforexarmy  
FX:AUDNZD   Australian Dollar / New Zealand Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDNZD aud NZD audnzdshort Forex forexsignals
6
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trendanalysis harmonicpatterns chartpattern audnzd aud nzd audnzdshort forex forexsignals
Sell below 1.1057.
Stop loss at 1.1119.
Take profit at 1.0945.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.1057 (61.8% Fibonacci extension, horizontal swing high resistance) where it is expected to reverse down to its support at 1.0945 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
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