AUD/NZD: next sell target
• AUD/NZD reversed from resistance area
• Next sell target - 1.0300
AUD/NZD continues to fall after recently reversing down from the combined resistance area surrounding the resistance level 1.0500. This resistance area was strengthened by the upper daily Bollinger Band, the 38.2% Fibonacci retracement of the preceding downward impulse from the end of January, and by the resistance trendline of the daily down channel from last October (as you can see below). The downward reversal from this resistance area created the strong Japanese candlesticks reversal pattern – Double Doji Evening Star – thereby completing the previous intermediate ABC correction (2).
AUD/NZD is likely to fall further in the active intermediate impulse (3) toward the next sell target 1.0300 (this support level earlier reversed previous waves (1) and B).