By: Dima Chernovolov
AUD/NZD recently broke the key support level 1.0611 which was previously identified by Autochartist on the 30-minute charts. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five previous price reversals from this price level. AUD/NZD is expected to continue to fall toward the forecast price 1.0595.
As can be seen from the daily AUD/NZD chart below – the price earlier reversed down from the resistance zone lying between the key resistance 1.0635 (which has been steadily reversing the price from the middle of December), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward price impulse from June. The proximity of this resistance zone adds to the probability AUD/NZD will continue to fall toward the forecast price 1.0595.