• AUDNZD reversed from key support level 1.0570
• Likely to rise to resistance level 1.0650
AUDNZD currency pair recently reversed up from the key support level 1.0570 (which has been reversing the price from the middle of December) intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the price impulse from last month. The upward reversal from the support level 1.0570 stopped the previous impulse wave (iii) of the impulse wave 1 from the start of this year.
Given the rising Australian dollar sentiment which can be seen across the currency markets today – AUDNZD currency pair can be expected to extend the gains toward the next resistance level 1.0650 (which stopped the previous waves 3, 5 and (ii)).