Technical analysis

AUDNZD Wave Analysis 17 May, 2021

• AUDNZD reversed from support level 1.0715

• Likely to rise to resistance level 1.0815

AUDNZD recently reversed up from the key support level 1.0715, intersecting with the lower daily Bollinger Band and 61.8% Fibonacci correction of the upward price impulse (C) from February.

The upward reversal from the support level 1.0715 is likely to form the daily Bullish Engulfing – if the pair closes today near the current levels.

AUDNZD is likely to rise further toward the next resistance level 1.0815 (top of the previous corrective waves (2) and 2).

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