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FxPro Forex Analysis: AUDNZD Wave Analysis – July 3, 2018

AUDNZD broke resistance area
• Likely to rise further

AUDNZD continues to rise after the earlier breakout of the combined resistance area lying at the intersection of the resistance level 1.0940 (which stopped the previous sharp upward impulse wave (1) in May, as can be seen from the daily AUDNZD chart below) and the resistance trendline from December.

The breakout of this resistance area accelerated the active medium-term impulse wave (3) from the middle of April.

AUDNZD is likely to rise further and re-test the next resistance level 1.1040 (which reversed the price twice in January).

AUDNZD - Primary Analysis - Jul-03 1619 PM (1 day)