AUDNZD Wave Analysis – 12 March, 2019

• AUDNZD broke key support level 1.0400
• Further losses are likely

AUDNZD continues to fall after the recent breakout of the key support level 1.0400 (which has been reversing the price from the middle of February).

The breakout of the support level 1.0400 accelerated the active impulse wave (C) – which belongs to the medium-term ABC correction (2) from the middle of January.

AUDNZD is expected to fall further and re-test the next support level 1.02800 (target price for the active impulse wave (C)).