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 support level 1.0550
- AUD/NZD broke support level 1.0550
- Next sell target - 1.0450
AUD/NZD continues to fall after the earlier breakout of the support level 1.0550 (former resistance level from January). The breakout of the support level 1.0550 was preceded by the breakout of support zone lying between the support level 1.6500 and the 50% Fibonacci correction of the previous upward impulse wave from January. Both of these breakouts accelerated the active minor impulse wave 3.
AUD/NZD is expected to fall toward the next sell target at the support level 1.0450 (forecast price calculated for the termination of the active minor impulse wave 3).
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.