At daily resistance, the AUD/NZD bears have arrived.
There is a possibility of a downside extension.
At this point, bears in the AUD/NZD could enter at important resistance, and the chart below shows the potential for an hourly lower low.
The price is approaching daily resistance near 1.07, and the strong uptrend may require a retracement, at least to the 38.2 percent Fibonacci level of 1.0680.
On an hourly basis, the following are the possibilities:
Bears can target the earlier support zone in the hr 1.0660s for a lower hourly low if the price falls below the 1.0680 level.
These pages include forward-looking statements that are subject to risks and uncertainties. This page’s market and instrument profiles are for educational purposes only and should not be construed as a suggestion to purchase or sell these assets. Before making any financial decisions, you should conduct your own thorough investigation. FXStreet makes no representations or warranties that this information is free of errors, omissions, or serious misstatements. It also doesn’t guarantee that the information is accurate or up to date. Investing in the open markets carries a high level of risk, including the loss of all or part of your money as well as mental pain. You are responsible for all risks, losses, and costs connected with investing, including total loss of money. The writers’ views and opinions in this article are their own and do not necessarily reflect FXStreet’s or its advertisers’ official stance or viewpoint. The author will not be held liable for any content found at the end of any of the links on this page.
Unless otherwise stated in the body of the post, the author has no position in any of the stocks discussed in this article and has no commercial affiliation with any of the companies mentioned. Apart from FXStreet, the author received no remuneration for authoring this article.
The author and FXStreet do not make individualized suggestions. The author offers no guarantees about the information’s correctness, completeness, or usefulness. FXStreet and the author are not responsible for any mistakes, omissions, or losses, injuries, or damages resulting from the display or use of this information. Errors and omissions are not included.
Nothing in this article is intended to be investment advice, and neither the author nor FXStreet are registered investment advisors./n
