Technical analysis

AUDNZD Wave Analysis – 20 June, 2019

AUDNZD Wave Analysis – 20 June, 2019
  • AUDNZD reversed from support area
  • Further gains are likely

AUDNZD recently reversed up sharply from the support area lying between the pivotal support level 1.0500 (which also reversed the price at the start of June), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the end of March.

The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Hammer Doji.

AUDNZD is expected to rise further and retest the next resistance level 1.0600 (which reversed the price earlier this week).

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