LeoPrime Daily Market Analysis

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AUDNZD reversed from support area; Likely to rise to resistance level 1.08000.

AUDNZD currency pair recently reversed up from the support area located between the pivotal support level 1.06650 (which has been reversing the price from the end of January), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse wave 3 from the middle of January. The upward reversal from this support area stopped the earlier short-term correction (ii). Given the rising bullish Australian dollar sentiment seen across the FX markets today, AUDNZD currency pair can be expected to rise further toward the next resistance level 1.08000 (previous monthly high from February)

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