AUD/NZD broke support zone

AUD/NZD broke support zone

2019-11-11 • Updated

  • AUD/NZD broke support zone
  • Next sell target - 1.0560

AUD/NZD continues to decline after the earlier breakout of the support zone lying between the support level 1.0650 (which has been reversing the price from February, as can be seen from the daily AUD/NZD chart below) and the 50% Fibonacci correction of the earlier sharp C-wave from the end of January.

AUD/NZD is expected to fall to the next sell target at the next support level 1.0560 (former monthly high from January). Sell stop-loss can be placed above the aforementioned price level 1.0650.

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