• AUDNZD reversed from support zone
• Likely to rise to resistance level 1.0610
AUDNZD currency pair recently reversed up from the support zone lying between the key support level 1.0540 (previous monthly low from February) and the lower daily Bollinger band.
The upward reversal from this support zone is likely to form the daily candlesticks reversal pattern Bullish Engulfing – if the pair closes today near the current levels.
Given the oversold stochastic – AUDNZD can be expected to rise toward the next resistance level 1.0610 (former support from May).