AUDNZD Wave Analysis – 15 August, 2019

• AUDNZD reversed from support area
• Further gains are likely

AUDNZD recently reversed up from the support area lying between the support level 1.0450 (former resistance from July) and the upper trendline of the recently broken daily down channel from April (acting as support after it was broken).

The upward reversal from this support area continues the active short-term impulse wave (1) from the start of August.

AUDNZD expected to rise further and retest the next resistance levels 1.0540 (monthly high from July) and 1.0600 (monthly high from June).