AUDNZD approaching resistance, potential drop!
Updated
AUDNZD is approaching our first resistance at 1.0636 (horizontal overlap resistance, 50% Fibonacci retracement) which coincides with the short term descending resistance line. A strong reaction might occur at this level, pushing price down to our major support at 1.0556 (horizontal swing low support). A breakout of our intermediate support at 1.0596 (horizontal swing low support, 61.8% Fibonacci retracement, 61.8%, 100% Fibonacci extension) might provide the bearish acceleration to our major support level. Ichimoku cloud is also showing signs of bearish pressure.
RSI (89) is also facing bearish pressure from our descending resistance.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also facing bearish pressure from our descending resistance.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
Woohoo! caught the drop nicely to our major support!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.