AUDNZD Wave Analysis 11 November, 2020

• AUDNZD broke key support level 1.0600

• Likely to fall to 1.0535

AUDNZD continues to fall after breaking below the key support level 1.0600 (former monthly low from the end of October).

The breakout of the support level 1.0600 continues the active short-term impulse wave C from the start of last month – which belongs to wave (B) from August.

Given the continued NZD bullishness seen across the markets today – AUDNZD is likely to fall further toward the next support level 1.0535 (monthly low from July).