• AUDNZD broke key support level 1,0600
• Likely to fall to support level 1,054
AUDNZD currency pair recently broke the key support level 1,0600 (former monthly low from the end of May). The breakout of the key support level accelerated the active short-term downward impulse wave (iii), which belongs to the sharp downward impulse wave C from the middle of June.
Given the strongly bullish New Zealand sentiment as seen across the currency markets today – AUDNZD can be expected to fall further toward the next support level 1,054 (previous monthly low from the start of February and the target price for the completion of the active impulse wave (iii)).