AUD/NZD: pull backs could come soon
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AUD/NZD has been following a cycle started from the end of June and it’s currently in an extreme zone for bulls, as the price action had reached the area between 1.0619 and 1.0688, which are the Fibonacci expansion zone of 123.6% and 161.8%. Such territory can provide another selling wave for the pair and if that happens, we can expect a decline towards 61.8% at 1.0507.
To invalidate that scenario, the pair should break above 1.0688 in order to test the 1.0700 psychological level. RSI indicator at H4 chart is currently overbought.
