Technical analysis

AUDNZD Wave Analysis – 23 June 2023

– AUDNZD under bearish pressure

– Likely to fall to support level 1.0800

AUDNZD currency pair under the bearish pressure after the pair broke the support level 1.090 , low of the Bullish Engulfing from the start of this month, former monthly high from April.

The breakout of the support level 1.090 accelerated active short-term corrective wave 2.

Given the strongly bearish AUD sentiment, AUDNZD can be expected to fall further toward the next support level 1.0800 (50% Fibonacci correction of the previous impulse wave 1).

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