The Australian dollar/New Zealand dollar pair has broken through the strong support level of 1.2700 and thus effectively created an interesting opportunity to purchase. There are higher chances that the pair will continue its stagnation, which began some time ago, and complete the upward wave toward the upper range of stagnation, at least about 1.2860.
It is forecasted that the pair will try to test the previous high of 1.2960 and continue to move to the resistance level of 1.3000.
On the contrary, we must take into account the possibility of breakthrough of the support level at 1.2700, indicating an opportunity to take a short position with potential bearish, though low levels of support from NZ $ 1.2250 Australian dollar.
