AUDNZD Technical Analysis Report 12 February, 2021

• AUDNZD broke resistance area
• Likely to rise to resistance level 1.0835

AUDNZD currency pair continues to rise after the price broke the resistance area lying between the resistance 1.0700 and the 50% Fibonacci correction of the previous sharp downward correction 2 from the middle of January. The breakout of this resistance area accelerated the active upward impulse wave 4 from the start of January – which belongs to the intermediate impulse wave (3) from the start of December.

Given the strong bearish new Zealand sentiment seen across the currency markets today – AUDNZD currency pair can be expected to rise further toward the next round resistance level 1.0835 (monthly high from January – which stopped the previous impulse wave 1).

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