Technical analysis

AUDNZD Wave Analysis – 24 May, 2021

• AUDNZD reversed from resistance level 1.0800

• Likely to fall to support level 1.0710

AUDNZD currency pair recently reversed down from the key resistance level 1.0800 (which reversed numerous previous corrections from the end of April, including waves 4 and (2)).

The resistance area near the resistance level 1.0800 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction level of the downward impulse from March.

AUDNZD currency pair can be expected to fall further toward the next support level 1.0710 (which stopped earlier waves (1) and 1).

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