Technical analysis

AUDNZD Wave Analysis 15 March, 2021

AUDNZD Wave Analysis 15 March, 2021

• AUDNZD reversed from resistance level 1.0820

• Likely to test support level 1.0700

AUDNZD currency pair recently reversed down from the major resistance level 1.0820, coinciding with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse (1) from August.

The downward reversal from the resistance level 1.0820 started the active minor impulse wave (iii).

AUDNZD can be expected to fall further toward the next support level 1.0700 (which stopped the previous minor correction (b) earlier this month).

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