• AUDNZD reversed from resistance level 1.0600
• Likely to fall to support level 1,0500
AUDNZD currency pair earlier reversed down from the key resistance level 1.0600 (former support from May, which has been reversing the price from the end of July, as can be seen from the AUDNZD chart below) – intersecting with the upper daily Bollinger Band. The downward reversal from the resistance level 1.0600 stopped the earlier intermediate impulse wave (C) from the middle of November – which is a part of the primary ABC correction from September.
Given the worsening AUD sentiment – AUDNZD currency pair can be expected to fall further toward the next support level 1,0500 (which has been reversing the price from the middle of October).