LeoPrime Daily Market Analysis

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AUDUSD broke resistance zone; Likely to rise to resistance level 0.74200

AUDUSD currency pair recently broke through the resistance zone lying between the resistance level 0.73000 (former support from July) and the 61.8% Fibonacci correction of the downward price impulse wave (1) from the start of August. The breakout of this resistance zone accelerated the active minor impulse wave C. Given the strongly bullish Australian dollar sentiment seen across the FX markets today, AUDUSD currency pair can be expected to rise further toward the next major resistance level 0.74200 (target price for the completion of the active ABC correction (2)).

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