AUDNZD Wave Analysis – 04 August, 2021

• AUDNZD under bearish pressure

• Likely to fall to support level 1.0420

AUDNZD under bearish pressure after breaking the major support zone lying between the round support level 1.0500 and the support level 1.0535 (which has been reversing the pair from February).

The breakout of this support zone accelerated the active impulse waves (iii) and 3 – which belong to the downard impulse sequence (3) from June.

AUDNZD can be expected to fall further toward the next support level 1.0420 (multi-month low from last November and the target for the completion of the active impulse wave 3).