AUDNZD Wave Analysis 8 January, 2021

• AUDNZD approached key resistance level 1.0710

• Likely to fall to 1.0625

AUDNZD recently approached the key resistance level 1.0710 (which has been reversing the price from end of December), standing close to the upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse 1 from August.

The resistance level 1.0710 has been steadily reversing the price from the middle of December – stopped all previous intraday upward impulses.

AUDNZD is expected to fall further toward the next support level 1.0625 (low of wave (b) from the end of December).