AUDNZD Wave Analysis – 23 August, 2019

• AUDNZD reversed from resistance area
• Further losses are likely

AUDNZD recently reversed down from the resistance area lying between the resistance level 1.0590 (previous upward target) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short-term impulse wave 3 from the start of August.

Given the overbought daily Stochastic indicator – AUDNZD is expected to fall further and retest the next support level 1.0500.