AUD/NZD: buy target - 1.1200
By: Dmitriy Chernovolov
- AUD/NZD reversed from support zone
- Next buy target - 1.1200
AUD/NZD recently reversed up sharply from the strong support zone lying between the pivotal support level 1.0900 (former strong resistance level which reversed earlier waves 3 and (i) in May and June, as you can see from the daily AUD/NZD chart below), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp upward impulse from the start of May. The upward reversal from this support zone started the active minor correction 2.
AUD/NZD is likely to rise further in the active minor wave 2 toward the next buy target at the resistance level 1.1200. Strong support remains at 1.0900.