LeoPrime Daily Market Analysis

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AUDUSD currently testing the resistance 0.72400; Likely to rise to 0.73400

AUDUSD continues to rise inside the short-term corrective wave 2, which started recently from the support area located between the round support level 0.70000 (former monthly low from September), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from May. The pair is currently testing the resistance at 0.72400. Given the growing bullish Australian dollar sentiment seen today, AUDUSD is likely to extend the gains toward the next resistance level 0.73400 (former strong resistance from the middle of September and October and the target for the completion of the active correction 2).

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