AUD/NZD reversed from support zone

AUD/NZD reversed from support zone

  • AUD/NZD reversed from support zone
  • Next buy target - 1.0850

AUD/NZD continues to rise after the earlier sharp upward reversal from the support zone lying between the key support level 1.0650 (which also reversed the price in February), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward C-wave from January. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Bullish Engulfing. 

AUD/NZD is expected to rise to the next buy target at the next resistance level 1.0850 (top of the previous minor correction (ii)).



Morning brief for May 30

 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…

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