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    FBS

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    AUD/NZD reversed from support zone

    AUD/NZD continues to rise – after the earlier upward reversal from the support zone lying between the lower daily Bollinger Band and the support level 1.0400, which stopped the previous impulse wave (3), as can be seen from the daily AUD/NZD chart below. The upward reversal from this support zone led to the formation of the daily Japanese candlesticks reversal pattern Hammer, highlighted below.

    With the daily Stochastic showing still showing the oversold reading - AUD/NZD can be expected to correct up further to the next buy target at the resistance level 1.4350 (which reversed the previous intermediate ABC correction (4)).

     


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