LeoPrime Daily Market Analysis

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AUDUSD reversed from support zone; Likely to test resistance level 0.77500.

AUDUSD currency pair recently reversed up from the support zone set between the key support level 0.75700 (which has been reversing the price from February), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from November. The upward reversal from support zone created the daily candlesticks reversal pattern Hammer. Given the strong daily uptrend and the significant bullish sentiment affecting the Australian dollar markets today – AUDUSD currency pair can be expected to rise in the active impulse waves (3) and (i) toward the next resistance level 0.77500.

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