Technical analysis

AUDNZD Wave Analysis 2 February, 2021

AUDNZD Wave Analysis 2 February, 2021

• AUDNZD broke support area

• Likely to fall to 1.0520

AUDNZD recently broke the support area located between the key support level 1.0625 (former low of wave (b) from December) and the 50% Fibonacci correction of the previous upward impulse from November.

The breakout of this support area accelerated the active short-term impulse wave 3 from the middle of January.

Given the strong bearish AUD sentiment – AUDNZD can be expected to fall further toward the next support level 1.0520 (low of the previous minor retracement (ii) from the start of December).

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