AUDNZD broke support area
Likely to fall further
AUDNZD recently broke through the support area lying between key support level 1.0780 (which stopped the A-wave of the active ABC correction (2) from May) and the support trendline of the daily up channel from April (which has enclosed the previous medium-term impulse wave (1)).
The breakout of this support area accelerated the active short-term impulse wave C – which belongs to the medium-term ABC correction (2) from last month.
AUDNZD is likely to fall further and re-test the next support level 1.0660 (low of previous waves (a) and 2 and the target for the completion of wave (2)).