LeoPrime Daily Market Analysis

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AUDUSD reversed from support zone; Likely to rise to resistance level 0.74200

AUDUSD currency pair recently reversed up from the support zone located between the key support level 0.73150 (which has been steadily reversing the price from the middle of July) and the lower daily Bollinger band. The upward reversal from this support zone stopped the earlier minor impulse wave 5. Given the rising bullish Australian dollar sentiment and the clear triple divergence on the daily Stochastic indicator – AUDUSD currency pair can be expected to rise further toward the next resistance level 0.74200 (top of the previous minor correction 4 from the start of August).

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