AUDNZD Technical Analysis Report 17 November, 2020

  • AUDNZD reversed from support level 1.0540
  • Likely to rise 1.0685

AUDNZD continues to rise steadily today after the pair reversed up sharply from the key support level 1.0540 (former monthly low from July), intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction level of the previous upward impulse from the middle of March. The upward reversal form the support level 1.0540 stopped the previous impulse wave C – which is a part of the medium-term upward ABC correction (B) from the middle of August.

Given the strength of the support level 1.0540, prevailing uptrend and the rising bullish AUD sentiment seen across the FX market today – AUDNZD is likely rise further toward the next resistance level 1.0685. Powerful support remains at the support level 1.0540 – which should underpin the currency pair on any future downward corrections.


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