• AUDNZD reversed from support area
• Likely to reach resistance level 1.0900

AUDNZD currency pair recently reversed up from the support area located between the key support level 1.0831 (previous monthly high from February and January as can be seen from the daily AUDNZD chart below) and the 38.2% Fibonacci correction of the previous upward impulse from the end of February. The upward reversal from this support area started the active minor corrective wave (b) – which belongs to the ABC correction (a) from the start of April.

Given the strongly negative sentiment affecting the Zealand dollar today – AUDNZD currency pair is likely to rise further toward the next resistance level 1.0900 – target price calculated for the completion of the active minor corrective wave (b).