The price is now testing major resistance at 0.7146 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level to push the price down to at least 0.7056 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,3,1) is at major resistance at and we expect to see a strong reaction off this level too.
Correlation analysis: We’re seeing commodities weakness with drops expected on AUD/USD, AUD/JPY, and NZD/USD.
Sell below 0.7146. Stop loss is at 0.7126. Take profit is at 0.7056.
The material has been provided by InstaForex Company – www.instaforex.com
The price is now testing major resistance at 0.7146 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level to push the price down to at least 0.7056 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,3,1) is at major resistance at and we expect to see a strong reaction off this level too.
Correlation analysis: We’re seeing commodities weakness with drops expected on AUD/USD, AUD/JPY, and NZD/USD.
Sell below 0.7146. Stop loss is at 0.7126. Take profit is at 0.7056.
The material has been provided by InstaForex Company – www.instaforex.com
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