Technical analysis

AUDNZD Wave Analysis 27 October, 2020

AUDNZD Wave Analysis 27 October, 2020

• AUDNZD broke support area

• Likely to fall to 1.0550

AUDNZD continues to fall after the earlier breakout of the support area lying between the key support level 1.0675, 38.2% Fibonacci correction of the upward impulse from March and the support trendline of the daily down channel from August.

The breakout of this support area accelerated the active short-term downward impulse wave C belonging to the ABC correction (B) from the middle of August.

AUDNZD is likely to fall further toward the next support level 1.0550 (former multi-month low from the start of July).

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