AUD/NZD broke sideways price channel
- AUD/NZD broke sideways price channel
- Next buy target - 1.0600
AUD/NZD continues to rise after the recent breakout of the resistance level 1.0500, which is the upper border of the tight sideways price channel inside which the pair has been trading from the end of November. The breakout of this price channel coincided with the breakout of the 38.2% Fibonacci correction level of the previous intermediate ABC correction (2) from the middle of October.
AUD/NZD is expected rise further in the direction of the next buy target at the resistance level 1.0600 (which reversed the previous minor correction (ii) in November and which coincides with the 61.8% Fibonacci correction level of the aforementioned ABC correction (2) from October).