- AUDNZD falling inside impulse wave (iii)
- Likely to fall to 1.0400
AUDNZD continues to fall inside the minor downward impulse wave (iii) which started earlier from the key resistance level 1.0535 (former strong support from the middle of July) – standing near to the 50% Fibonacci correction of the previous sharp upward impulse from the middle of March. The downward reversal from the resistance level 1.0535 also continued the higher-level short-term downward impulse wave 3 – which belongs to wave (C) from the start of October.
Given the strength of the active impulse wave (C) – AUDNZD is likely fall further toward the next support level 1.0400 (61.8% Fibonacci correction of the previous upward impulse from March) – the breakout of which can lead to further losses toward the next major support level 1.0340 (target for the completion of wave (C)).