EUR/JPY broke key support level 131…
AUD/NZD broke pivotal resistance level 1.0920
- AUD/NZD broke pivotal resistance level 1.0920
- Next buy target - 1.1020
AUD/NZD today broke above the pivotal resistance level 1.0920 (which stopped the B-wave of the previous intermediate ABC correction (2) rom March, as can be seen from the daily AUD/NZD chart below). The breakout of the resistance level 1.0920 follows the earlier breakout of the resistance level 1.0850 (which stopped the previous impulse waves 1, (iii) and (i)). AUD/NZD is expected to rise to next buy target at the next resistance level 1.1020 (multi-month high from March).
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.