• AUDNZD reversed from resistance area
• Likely to fall to support level 1.0700
AUDNZD currency pair recently reversed down from the resistance area lying between the resistance level 1.0800 (which has been steadily reversing the price from the end of April), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward price impulse from March. The downward reversal from this resistance area stopped the previous minor impulse wave c.
Given the strength of the aforementioned resistance area and the rising bearish sentiment affecting the Australian dollar at the moment – AUDNZD currency pair can be expected to fall further toward the next support level 1.0700 (which has been reversing the price from the start of March).
