Categories: Technical analysis

AUDNZD Wave Analysis – 7 October, 2022

• AUDNZD reversed from support level 1.1255

• Likely to rise to resistance level 1.1400

AUDNZD currency pair earlier reversed up from the support level 1.1255 (former monthly high from August), upper trendline of the recently broken up channel from April and the 50% Fibonacci correction of the upward impulse from August.

The upward reversal from the support level 1.1255 is currently forming the daily Morning Star Japanese candlesticks reversal pattern.

Given the clear daily uptrend, AUDNZD can be expected to rise further toward the next resistance level 1.1400.

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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