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AUDNZD is approaching resistance, potential drop!

Short
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 audnzdshort audnzdlong Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern audnzd aud nzd audnzdshort audnzdlong forex forextrading forexsignals
AUDNZD is approaching our first major resistance at 1.060 (horizontal overlap resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support level at 1.0489 (horizontal swing low support, 100% Fibonacci extension). A breakout below our intermediate support at 1.0554 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support level.

Stochastic (55,5,3) is also approaching our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price.

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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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