AUDNZD Is Is Approaching Its Resistance, Prepare For a Reversal
Sell below 1.0730. Stop loss at 1.0774. Take profit at 1.0617.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.0730 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where we expect to see a reversal, causing price to fall to its support at 1.0617 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 1.0670 (100% Fibonacci extension, 61.8% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching resistance at 97% where we expect to see a corresponding reversal.
Reason for the trading strategy (technically):
AUDNZD is approaching its resistance at 1.0730 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where we expect to see a reversal, causing price to fall to its support at 1.0617 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback support). We do have to be cautious of the intermediate support at 1.0670 (100% Fibonacci extension, 61.8% Fibonacci retracement, 23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching resistance at 97% where we expect to see a corresponding reversal.