LeoPrime Daily Market Analysis

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AUDUSD broke resistance area; Likely to rise to resistance levels 0.7780 and 0.78000

AUDUSD under the bullish pressure after the pair broke the resistance area lying between the key resistance level 0.77000 (top of the previous minor correction (ii) from the end of January) and the resistance trendline of the daily down channel from the start of this year. The breakout of this resistance area accelerated the active impulse wave (3) from the start of February. Given the clear daily uptrend and the strong bullish sentiment affecting the Australian dollar today – AUDUSD is likely to rise further toward the next resistance levels 0.77800 and 0.78000.

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