AUDNZD Wave Analysis – 17 August, 2020

• AUDNZD broke resistance level 1.0865

• Likely to rise to 1.1100

AUDNZD recently broke above the key multi-month resistance level 1.0865 (which has been steadily reversing the price from last November, as can be seen below).

The breakout of the resistance level 1.0865 accelerated the active short-term impulse wave (iii) – which belongs to the higher-level impulse wave C from July.

AUDNZD is likely to rise further toward the next resistance level 1.1100 (likely price for the completion of the active impulse wave (iii)).