AUDNZD Wave Analysis – 17 April, 2020

• AUDNZD reversed from resistance level 1.0600
• Likely to fall to 1.0500

AUDNZD recently reversed down from the round resistance level 1.0600 – standing near the weekly upper Bollinger Band.

The downward reversal from the resistance level 1.0600 stopped the previous short-term corrective wave 2 from  the end of March.

Given the clear multiyear downtrend that can be seen on the weekly AUDNZD charts – AUDNZD is expected to fall further toward the next support level 1.0500 (former key resistance from the start of 2020).