AUD/NZD: buy target - 1.0850
By: Dmitriy Chernovolov
- AUD/NZD reached sell target 1.0700
- Next buy target - 1.0850
AUD/NZD recently reversed up sharply from the support zone (which also previously reversed the second intermediate wave (2) in May) lying between the support levels 1.0700 (sell target set in our previous forecast for this currency pair) and 1.0600. This support zone was strengthened by the lower daily Bollinger Band. The upward reversal from this support zone stopped the active minor impulse wave 3 (which belongs to the intermediate (C)-wave from the middle of September).
AUD/NZD is likely to correct up further toward the next buy target at the resistance level 1.0850. Strong support zone remains between price levels 1.0700 and 1.0600.