AUD/NZD reversed from support area

AUD/NZD reversed from support area

  • AUD/NZD reversed from support area
  • Next buy target - 1.0970

AUD/NZD continues to rise after the earlier upward reversal from the support area located between the key support level 1.0810 (which reversed the previous minor correction 2 at the end of March, as can be seen below), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse (v) from the end of February. 

If the pair closes today near the current levels – it will form the daily Japanese candlesticks reversal pattern Morning Star. AUD/NZD is expected to rise to the next buy target at the resistance level 1.0970.

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