Technical analysis

AUDNZD Wave Analysis – 22 February 2023

• AUDNZD reversed from resistance level 1.1045

• Likely to fall to support level 1.0900

AUDNZD currency pair recently reversed down with the two daily Shooting Stars from the resistance level 1.1045 (former monthly high from November).

The downward reversal from the resistance level 1.1045 stopped the previous impulse waves (iii) and 3, which belong to wave (3) from January.

Given the triple bearish divergence on the daily Stochastic, AUDNZD can be expected to fall further toward the next support level 1.0900 (low of the previous correction 2).

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