• AUDUSD reversed from support zone
• Likely to rise to resistance level 0.7200
AUDUSD currency pair recently reversed up with the daily Hammer candlestick s reversal pattern from the support zone lying between the key support level 0.7100 (previous monthly low from August) and the lower daily Bollinger Band. The upward reversal from this support zone started the active short-term ABC correction 4 – which belongs to the higher order impulse wave (3) from the start of November.
Given the rising bearish US dollar sentiment seen across the FX markets today, AUDUSD currency pair can be expected to rise further toward the next resistance level 0.7200 (target price for the completion of the active ABC correction 4).