AUD/NZD: buy target - 1.1400
By: Dmitriy Chernovolov
- AUD/NZD reversed from support zone
- Next buy target - 1.1400
AUD/NZD continues to rise after the price previously reversed up from the support zone lying at the intersection of the following support levels: the support level 1.1000, lower daily Bollinger Band, support trendline of the daily up channel from May and the 50% Fibonacci Correction of the previous upward impulse from the end of May (as you can see from the daily AUD/NZD chart below).
The upward reversal from the aforementioned support zone completed the previous minor ABC correction (iv) – starting the active impulse wave (v). AUD/NZD is likely to rise further to the next buy target at 1.1400.