There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
AUD/NZD broke strong resistance level 1.1020
- AUD/NZD broke strong resistance level 1.1020
- Next buy target - 1.1150
AUD/NZD today broke sharply above the strong resistance level 1.1020 (which stopped and reversed the sharp uptrend in March and which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 1.1020 accelerated the active minor impulse wave (iii) – which belongs to the impulse wave 3 of the intermediate impulse (3) from June. AUD/NZD is expected to rise to next buy target at the next resistance level 1.1150.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.