AUD/NZD: sell target - 1.0400
By: Dmitriy Chernovolov
- AUD/NZD broke strong support zone
- Next sell target - 1.0400
AUD/NZD continues to fall strongly – after the price recently broke through the powerful support zone lying between the support levels 1.0700 and 1.0600. The breakout of this support zone accelerated the active minor impulse wave 3 – which started earlier – when the pair reversed down from the former support trendline of the recently broken daily down channel from June (acting as resistance now, after it was broken).
AUD/NZD is likely to continue to fall in the accelerated waves 3 , (C) and ② toward the next sell target at the next support level 1.0400. Sell stop-loss can be placed above the resistance level 1.0600.