AUD/NZD: buy target - 1.1000
By: Dmitriy Chernovolov
- AUD/NZD reversed from support zone
- Next buy target - 1.1000
AUD/NZD has been rising sharply in the last few trading sessions inside the 3rd primary impulse wave ③, which started at the end of October - when the pair reversed up from the support zone lying between the pivotal support level 1.0500, the lower daily Bollinger Band and the 61.8% Fibonacci retracement of the preceding sharp upward impulse from April (as can be seen below). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
AUD/NZD is currently approaching the strong resistance level 1.0930 (former multi-month pivotal support level) – the breakout of which can lead to further gains toward 1.1000.