AUD/NZD rising inside minor C-wave
- AUD/NZD rising inside minor C-wave
- Next buy target - 1.0800
AUD/NZD has been rising in the last few trading sessions inside the C-wave of the intermediate ABC correction (4) from the start of July. The active C-wave earlier broke the resistance level 1.0540 (which stopped the previous A-wave). The breakout of this resistance level accelerated the active minor C-wave – which then broke the next resistance level 1.0700 (intersecting with the 38.2% Fibonacci correction of the previous downward impulse from March).
AUD/NZD is likely to rise further in the active C-wave toward the next buy target at the resistance level 1.0800. Long entries can be protected with the stop-loss placed below the aforementioned price level 1.0700.