AUD/NZD: buy target - 1.1250
By: Dmitriy Chernovolov
- AUD/NZD reversed from pivotal support level 1.0940
- Next buy target - 1.1250
AUD/NZD recently reversed up sharply from the pivotal support level 1.0940 (which reversed earlier waves A, (b) and (i), as you can see from the daily AUD/NZD chart below). The support zone near this support level was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from April.
The pair is likely to rise further in the active minor corrective wave (ii) toward the next buy target at the resistance level 1.1250 (which reversed the price at the end of August). Strong support remains at 1.0940.