AUD/NZD: sell target - 1.0700
By: Dmitriy Chernovolov
- AUD/NZD broke pivotal support level 1.0950
- Next sell target - 1.0700
AUD/NZD continues to fall strongly – following the earlier breakout of the pivotal support level 1.0950 (which has been reversing the pair from the end of July, as you can see below). After breaking the support level 1.0950 - AUD/NZD corrected up shortly to test this price level, acting as resistance now after it was broken – after which the price reversed down sharply, forming the daily Evening Star.
The breakout of the support level 1.0950 accelerated the active impulse waves (iii) and C – which are a part of the intermediate ABC correction (B) from the start of July. AUD/NZD is likely to fall further toward the next sell target at the support level 1.0700.