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AUD/NZD reversed from resistance zone

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  • AUD/NZD reversed from resistance zone
  • Next sell target - 1.0800

AUD/NZD recently reversed down from the resistance zone lying between the strong resistance level 1.0950 (top of wave (A) from May), upper daily Bollinger Band and lower trendline of the recently broken up channel from April (acting as resistance after it was broken). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star. AUD/NZD is expected to fall further toward the next sell target at the next support level 1.0800 (target for the completion of the active wave 2).

           

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