AUDNZD Reversed Nicely Off Its Resistance, Prepare For A Further
Sell below 1.0663. Stop loss at 1.0701. Take profit at 1.0551.
Reason for the trading strategy (technically):
Price is testing its resistance at 1.0663 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance) where we expect prices to react off its, pushing its all the way down to its support at 1.0551 (100% Fibonacci extension, 61.8% Fibonacci retracement). We do have to be cautious of the intermediate support at 1.0605 (61.8% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is testing its resistance at 95% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
Price is testing its resistance at 1.0663 (100% Fibonacci extension, 50% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap resistance) where we expect prices to react off its, pushing its all the way down to its support at 1.0551 (100% Fibonacci extension, 61.8% Fibonacci retracement). We do have to be cautious of the intermediate support at 1.0605 (61.8% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is testing its resistance at 95% where we expect to see a corresponding reaction.