Categories: Technical analysis

AUDNZD Wave Analysis – 3 June, 2020

• AUDNZD reversed from key resistance zone

• Likely to fall to 1.0700

AUDNZD recently reversed down from the key resistance zone lying between the multi-month resistance level 1.0855 (monthly high from November) and the upper daily Bollinger band.

The downward reversal from this resistance zone stopped the previous medium-term ABC correction (2) from the middle of March.

Given the clear triple divergence on the daily RSI indicator – AUDNZD is expected to fall further toward the next support level 1.0700.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: AUDNZD

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