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FxPro Forex Analysis: AUD/NZD Wave Analysis – 20 August , 2018

AUD/NZD reversed from support zone
• Further gains are likely

AUD/NZD continues to rise after the earlier upward reversal from the support area located between the key support level 1.0980 (former powerful resistance from July) and the 38.2% Fibonacci correction of the previous sharp upward impulse form June.

The upward reversal from this support zone is aligned with the medium-term uptrend visible on the daily AUD/NZD charts.

Given the strength of the aforementioned support zone, AUD/NZD is expected to rise further and retest the next resistance level 1.1170 (previous high).

AUDNZD - Primary Analysis - Aug-20 1836 PM (1 day)

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