Technical analysis

AUDNZD Wave Analysis 18 October 2023

  • AUDNZD reversed from support level 20.70
  • Likely to rise to resistance level 23.50

AUDNZD recently reversed up sharply from the powerful support level 1.0600 (which has been reversing the pair from April) intersecting with the lower daily Bollinger Band and the support trendline of the weekly down channel from June.

The upward reversal from the support level 1.0600 stopped the previous intermediate ABC correction (2).

Given the strength of the active impulse wave 3, AUDNZD can be expected to rise further toward the next resistance level 1.0850.

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