LeoPrime Daily Market Analysis

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AUDUSD reversed from support area; Likely to rise to 0.71450

AUDUSD recently reversed up with the Japanese candlesticks reversal pattern Doji from the support area located between the key support level 0.70000 (former resistance from June, which has been reversing the price from the end of September), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from May. Given the rising bullish AUD sentiment seen across the FX markets today, AUDUSD is likely to rise further toward the next resistance level 0.71450 (top of the previous minor correction 2 from the middle of October).

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