Market Snapshots

AUDNZD Wave Analysis – 3 June, 2020

AUDNZD Wave Analysis – 3 June, 2020

• AUDNZD reversed from key resistance zone

• Likely to fall to 1.0700

AUDNZD recently reversed down from the key resistance zone lying between the multi-month resistance level 1.0855 (monthly high from November) and the upper daily Bollinger band.

The downward reversal from this resistance zone stopped the previous medium-term ABC correction (2) from the middle of March.

Given the clear triple divergence on the daily RSI indicator – AUDNZD is expected to fall further toward the next support level 1.0700.

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