AUDNZD Wave Analysis 22 October, 2020

• AUDNZD broke support area

• Likely to fall to 1.0600

AUDNZD continues to fall after the earlier breakout of the support area lying between the key support level 1.0675 (which reversed the price in July) and the 38.2% Fibonacci correction of the upward impulse from March.

The breakout of this support area accelerated the active short-term downward impulse wave C.

AUDNZD is likely to fall further toward the next support level 1.0600 (former strong support from May and June).