AUDNZD Wave Analysis – 20 June, 2019

AUDNZD reversed from support area
Further gains are likely

AUDNZD recently reversed up sharply from the support area lying between the pivotal support level 1.0500 (which also reversed the price at the start of June), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the end of March.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer Doji.

AUDNZD is expected to rise further and retest the next resistance level 1.0600 (which reversed the price earlier this week).

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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