AUDUSD recently reversed up from the support area lying between the strong support level 0.69250 (former resistance from October, November and December) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of November. Given the moderate bullish US dollar sentiment seen across the markets today, AUDUSD is likely to extend the gains toward the next resistance level 0.70300 (top of the previous impulse wave (i) and the target price for the completion of the active impulse wave 3).
