Technical analysis

AUDNZD Wave Analysis – 25 May 2023

• AUDNZD reversed from key support level 1.0600

• Likely to rise to resistance level 1.0800

AUDNZD continues to rise after the earlier sharp upward reversal from the key support level 1.0600 (former low of wave (A) from the start of April), intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.0600 stopped the previous impulse waves 3 and (C).

Given the strongly bearish NZD sentiment seen today, AUDNZD can be expected to rise further toward the next resistance level 1.0800.

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