AUDNZD Approaching Resistance, Prepare For A Reversal
Sell below 1.0706. Stop loss at 1.0752. Take profit at 1.0616.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.0706 (61.8% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reaction, causing price to fall to its support at 1.0616 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 97%. We have also identified a bearish divergence with price which contributes to our bearish bias.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.0706 (61.8% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap resistance) where we expect to see a reaction, causing price to fall to its support at 1.0616 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is approaching its resistance at 97%. We have also identified a bearish divergence with price which contributes to our bearish bias.