• AUDNZD reversed from support area
• Likely to rise to resistance level 1.0800
AUDNZD currency pair recently reversed up from the support zone located between the pivotal support level 1.070 (which has been reversing the price from the start of March), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse C from the start of February. The upward reversal from this support area stopped the previous intermediate ABC correction (B) from March.
Given the strengthening Australian dollar sentiment seen across the currency markets today – AUDNZD currency pair can be expected to rise further toward the next strong resistance level 1.0800 (which has been steadily reversing the price from the end of April).