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ICmarkets
Apr 23, 2018 6:28 AM

AUDNZD Reversed Nicely Off Its Resistance Short

Australian Dollar/New Zealand DollarFXCM

Description

Price is testing its resistance at 1.0663 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance) where it could react off it, pushing it all the way down to its support at 1.0605 (61.8% Fibonacci extension, 38.2% Fibonacci retracement). If it breaks past this level, it could fall to its next support at 1.0551 (100% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (89, 5, 3) is testing its resistance at 95% where we expect to see a corresponding reaction.
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