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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results