Technical analysis

AUDNZD Wave Analysis – 3 March 2023

• AUDNZD reversed from support level 1.078

• Likely to rise to resistance level 1.0950

AUDNZD recently reversed up from the support level 1.078 (which reversed the pair multiple times in January) strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 1.078 created the daily candlesticks pattern Bullish Engulfing.

Given the oversold daily Stochastic, AUDNZD can be expected to rise further toward the next resistance level 1.0950 (which stopped the previous correction b).

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