AUDNZD Approaching Resistance, Prepare For A Reversal!
Sell below 1.1057.
Stop loss at 1.1119.
Take profit at 1.0945.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.1057 (61.8% Fibonacci extension, horizontal swing high resistance) where it is expected to reverse down to its support at 1.0945 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 1.1119.
Take profit at 1.0945.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.1057 (61.8% Fibonacci extension, horizontal swing high resistance) where it is expected to reverse down to its support at 1.0945 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.