AUD/NZD broke long-term support level 1.0500
- AUD/NZD broke long-term support level 1.0500
- Next sell target - 1.0400
AUD/NZD recently broke sharply below the long-term support level 1.0500 (which reversed the previous primary impulse wave ① at the end of October). The breakout of this support level accelerated the active minor impulse wave 3 - which started earlier - when the pair reversed down from the resistance zone lying between the resistance level 1.0700 and the 50% Fibonacci correction of the previous sharp downward impulse from the start of May.
AUD/NZD is likely to fall further in the accelerated intermediate impulse wave (3) toward the next sell target at the support level 1.0400 (target price calculated for the termination of this downward impulse).