AUD/NZD will Move to Next Buy Target
By: Dmitriy Chernovolov
- AUD/NZD reached buy target 1.1200
- Next buy target – 1.1300
AUD/NZD recently broke through the resistance level 1.1200 (top of the previous (b)-wave), which was set earlier as the buy target for this currency pair. The breakout of this resistance level follows the recent upward reversal from the support zone surrounding the pivotal support level 1.1090 (which has been reversing this currency pair from the end of March, as we can see from the daily AUD/NZD chart below).
AUD/NZD is likely to rise further to the next buy target at the resistance level 1.1300 (which reversed earlier waves (iii) and (i)). Strong support now stands at the aforementioned support levels 1.1200 and 1.1090.