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AUDNZD Wave Analysis – 7 October, 2022

audnzd-wave-analysis-–-7-october,-2022

• AUDNZD reversed from support level 1.1255

• Likely to rise to resistance level 1.1400

AUDNZD currency pair earlier reversed up from the support level 1.1255 (former monthly high from August), upper trendline of the recently broken up channel from April and the 50% Fibonacci correction of the upward impulse from August.

The upward reversal from the support level 1.1255 is currently forming the daily Morning Star Japanese candlesticks reversal pattern.

Given the clear daily uptrend, AUDNZD can be expected to rise further toward the next resistance level 1.1400.

Source: Fxpro

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