ICmarkets
Long

AUDNZD Approaching Support, Potential For A Bounce!

FX:AUDNZD   Australian Dollar / New Zealand Dollar
AUDNZD is approaching its support at 1.0762 (61.8% Fibonacci extension , 61.8% & 38.2% Fibonacci retracement , horizontal overlap support) where a bounce could occur, causing price to rise to its resistance at 1.0891 (100% Fibonacci extension , 61.8% Fibonacci retracement , horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.0835 (50% Fibonacci retracement , horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 3.8% where a corresponding bounce could occur. We have also identified a bullish divergence with price which contributes to our bullish bias.
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