Market Snapshots

AUDNZD Wave Analysis – 17 April, 2020

AUDNZD Wave Analysis – 17 April, 2020
  • AUDNZD reversed from resistance level 1.0600
  • Likely to fall to 1.0500

AUDNZD recently reversed down from the round resistance level 1.0600 – standing near the weekly upper Bollinger Band.

The downward reversal from the resistance level 1.0600 stopped the previous short-term corrective wave 2 from  the end of March.

Given the clear multiyear downtrend that can be seen on the weekly AUDNZD charts – AUDNZD is expected to fall further toward the next support level 1.0500 (former key resistance from the start of 2020).

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