AUDNZD approaching support, potential rise!
AUDNZD is approaching our first support at 1.0623 (horizontal swing low support, 100% Fibonacci extension). A strong bounce might occur at this level pushing price up to our major resistance at 1.0691 (50% Fibonacci retracement, horizontal overlap resistance, 61.8% Fibonacci extension). A breakout of our intermediate resistance at 1.0657 (horizontal overlap resistance, 23.6% Fibonacci extension) might provide a bullish acceleration to our major resistance level.
RSI (21) is also approaching its support at 34%, a good precursor for a potential rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (21) is also approaching its support at 34%, a good precursor for a potential rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results