Technical analysis

AUDNZD Wave Analysis 1 December, 2020

AUDNZD Wave Analysis 1 December, 2020

• AUDNZD reversed from key resistance level 1.0550

• Likely to fall to 1.0400

AUDNZD recently reversed down from the key resistance level 1.0550 (former major support level which also reversed the pair in the middle of July)

The downward reversal from the resistance level 1.0550 started the active short-term minor impulse wave (iii) of wave 3 from the start of October.

AUDNZD is expected to fall further toward the next support level 1.0400 (target for the completion of the active impulse wave (iii), standing close to 61.8% Fibonacci correction of the uptrend from March).

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