AUD/NZD: sell target – 1.0600
By: Dima Chernovolov
- AUD/NZD reversed from resistance zone
- Next sell target – 1.0600
AUD/NZD continues to decline after recently reversing down from the strong resistance level 1.0810 (which also previously reversed the minor corrective wave 2 at the end of January, as you can see below). The resistance zone near 1.0810 was strengthened by the upper daily Bollinger Band and by 61.8% Fibonacci Correction of the previous sharp downward price thrust from October. The price recently created the two daily Japanese candlesticks reversal patterns near the resistance level 1.0810 – Falling Star and Bearish Engulfing.
Having recently completed the intermediate ABC correction (2) - AUD/NZD is likely to fall further toward the next sell target 1.0600.