- AUDNZD reversed from key resistance zone
- Likely to fall to 1.0700
AUDNZD recently reversed down from the key resistance zone lying between the multi-month resistance level 1.0855 (monthly high from November) and the upper daily Bollinger band.
The downward reversal from this resistance zone stopped the previous medium-term ABC correction (2) from the middle of March.
Given the clear triple divergence on the daily RSI indicator – AUDNZD is expected to fall further toward the next support level 1.0700.