AUDNZD approaching resistance, potential drop!
AUDNZD is approaching our first resistance at 1.0986 (horizontal overlap resistance, 50%, 61.8% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 1.0861 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is seeing a bearish exit and approaching resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is seeing a bearish exit and approaching resistance where a reaction off this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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