The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
AUD/NZD reached buy target 1.0850
- AUD/NZD reached buy target 1.0850
- Next buy target - 1.1020
AUD/NZD continues to rise inside the intermediate corrective wave (2) – which earlier broke through the resistance zone lying at the intersection of the resistance level 1.0850 (previous buy target set in our earlier forecast for this currency pair) and the resistance trendline of the daily down channel from March. The breakout of this resistance zone intensified the bullish pressure on this currency pair.
AUD/NZD is expected to rise to the next buy target at the next resistance level 1.1020 (top of the previous primary ABC correction ② from March).
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.