Forex

AUDNZD Is Turning From ResistanceSep 18, 2024

We talked about AUDNZD back on August 26, where we mentioned and highlighted strong resistance with a free chart.

AUDNZD is nicely turning down now from projected 61,8% Fibo. retracement and 1.11-1.12 resistance area. A decline looks quite strong, so it can be at the beginning of a bearish wave (C) with a leading diagonal pattern into wave 1 that can be now followed by a pullback in wave 2. It can actually revisit the 1.10x resistance area as a right shoulder of Head&Shoulders pattern before a bearish continuation within wave 3 of a five-wave bearish cycle, especially if later breaks below 1.0735 bearish confirmation level.

AUDNZD Is Turning From Resistance AUDNZD Daily Chart
AUDNZD Daily Chart

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