• AUDUSD rising inside impulse waves 5 and (3)
• Likely to rise to 0.7800
AUDUSD currency pair continues to rise strongly after the pair broke above the powerful resistance level 0.7400, which previously stopped the sharp uptrend in July, as can be seen from the daily AUDUSD chart below). The breakout of the resistance level 0.7400 accelerated the active minor impulse wave 5 – which belongs to the multi-month upward impulse sequence (3) from the start of November.
Given the strong uptrend that can be seen on the daily AUDUSD charts and the continued optimism about the start of the mass vaccination programmes across the globe – AUDUSD is likely to rise further toward the next resistance level 0.7800 (target price for the termination of the active impulse sequence (3)). Powerful support stands at 0.7400.