Technical analysis

AUDNZD broke support area

  • AUDNZD broke support area
  • Further losses are likely

AUDNZD recently broke through the support area located between the strong support level 1.0860 (which has been steadily reversing the price from July) and the ascending support trendline from June.

The breakout of this support area accelerated the active impulse wave C which belongs to the medium-term corrective wave (2) from the start of August.

AUDNZD is expected to fall further and re-test the next support level 1.0777 (target price for the completion of the active impulse wave C).

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