Technical analysis

AUDNZD Wave Analysis – 24 August, 2022

AUDNZD Wave Analysis – 24 August, 2022

• AUDNZD reversed from resistance level 1.1165

• Likely to fall to support level 1.1100

AUDNZD currency pair is currently testing the resistance level 1.1165 (which has been steadily reversing the price from the start of June), strengthened by the upper daily Bollinger Band.

The downward reversal from the resistance level 1.1165 will stop the previous short-term upward correction 2.

Given the strength of the resistance level 1.1165 and the overbought reading on the daily Stochastic indicator, AUDNZD currency can be expected to fall further toward the next support level 1.1100.

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