• AUDUSD reversed from support zone
• Likely to rise to resistance level 0.7800
AUDUSD currency pair recently reversed up from the support zone lying at the intersection of the key support level 0.7665 (which has been reversing the price from the start of April), lower daily Bollinger Band and the 61.8% Fibonacci correction level of the previous upward impulse (1) from the start of April. The upward reversal from this support zone created the daily candlesticks reversal pattern Piercing Line– which stopped the previous intermediate ABC correction (2).
Given the improvement in the Australian dollar sentiment seen across the FX markets today – AUDUSD currency can be expected to rise further toward the next resistance level 0.7800 (which stopped the previous waves (a) and B).