LeoPrime Daily Market Analysis

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AUDUSD broke resistance area; Likely to rise to resistance level 0.72750;

AUDUSD currency pair continues to rise inside the short-term ABC corrective wave 2, which previously broke the resistance zone located between the key resistance level 0.71500 (former support from the start of January), and the 50% Fibonacci retracement of the previous downward impulse wave 1 from the middle of January. Given the strongly bullish Australian dollar sentiment seen across the currency markets today – AUDUSD currency pair can be expected to rise further toward the next resistance level 0.72750 (previous monthly high from December and January and the target price for the completion of the active ABC corrective wave 2).

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