• AUD/NZD reversed from support zone
• Further gains are likely
AUD/NZD continues to rise after the earlier upward reversal from the support area located between the key support level 1.0980 (former powerful resistance from July) and the 38.2% Fibonacci correction of the previous sharp upward impulse form June.
The upward reversal from this support zone is aligned with the medium-term uptrend visible on the daily AUD/NZD charts.
Given the strength of the aforementioned support zone, AUD/NZD is expected to rise further and retest the next resistance level 1.1170 (previous high).