AUD/NZD Will Likely Continue Rising

After AUD/NZD bounced off from the support at 1.0480 the pair formed a clear hammer candlestick on the monthly time-frame which was a major signal for a likely long-term move to the upside. That move has already begun and the pair has risen to 1.0900. It is obviously currently testing that resistance level and considering the aforementioned signal on the monthly time-frame the move to the upside should continue, even if there is a retracement first. Once the pair breaks out above 1.0900 it will likely continue rising towards the next target, which is probably around 1.1000 and a breakout above that level could lead to a further move to the upside towards 1.1100 – 1.1120.