AUD/NZD: buy target - 1.0700
By: Dmitriy Chernovolov
- AUD/NZD reversed from support level 1.0570
- Next buy target - 1.0700
AUD/NZD continues to rise after the recent upward reversal from the support level 1.0570, which is the upper boundary of the strong support zone which has been reversing the price from the middle of 2015, as can be seen from the daily AUD/NZD chart below. The lower boundary of this support zone stands at the support level 1.0500. The upward reversal from this support zone completed the previous minor correction 2 of the intermediate impulse wave (3) of the primary impulse wave ③ from October.
Given the strength of the support level 1.0570 and the oversold reading on the daily Stochastic indicator - AUD/NZD can be expected to reverse up from the current levels toward the next buy target at 1.0700.