Categories: Technical analysis

AUDNZD Wave Analysis 2 February, 2021

• AUDNZD broke support area

• Likely to fall to 1.0520

AUDNZD recently broke the support area located between the key support level 1.0625 (former low of wave (b) from December) and the 50% Fibonacci correction of the previous upward impulse from November.

The breakout of this support area accelerated the active short-term impulse wave 3 from the middle of January.

Given the strong bearish AUD sentiment – AUDNZD can be expected to fall further toward the next support level 1.0520 (low of the previous minor retracement (ii) from the start of December).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDNZD

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