AUDNZD approaching resistance, potential drop! Price is approaching our first resistance at 1.0779 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) where a strong reaction might occur below this level pushing price down to our major support at 1.0602 (horizontal overlap support, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1.0667 (horizontal overlap support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) might provide the bearish acceleration to our major support level.
Stochastic (21,5,3) is also seeing bearish divergence and is approaching its resistance and 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.
