AUD/NZD: Likely to fall to 1.0500
By: Dmitriy Chernovolov
- AUD/NZD falling inside impulse waves (3) and ③
- Likely to fall to 1.0500
AUD/NZD has been falling sharply in the last 2 weeks inside the active primary impulse wave ③. This impulse wave started in November – when the previous primary ABC correction ② was stopped by the resistance zone lying between the resistance level 1.1100, the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse wave ① from August.
AUD/NZD is likely to continue to fall in the active impulse waves (3) and ③ toward the next sell target at the pivotal support level 1.0500 (which stopped the previous impulse wave ① in October).