AUDNZD recently reversed up from the support area lying between the key support level 1.06000 (monthly low from May), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous sharp upward ABC correction (B) from the middle March. The upward reversal from this support area started the active minor correction 2. Given the moderately bearish New Zealand dollar sentiment seen across the markets today – AUDNZD is likely to extend the gains toward the next resistance level 1.08000 (target price for the completion of the active minor correction 2).
