AUD/USD: possible upward correction to 0.7450
By: Dmitriy Chernovolov
- AUD/USD broke strong support zone
- Possible upward correction to 0.7450
AUD/USD recently broke sharply down through the support zone lying between the support levels 0.7550 and 0.7620. This support zone has been repeatedly reversing up this currency pair from the middle of March –as you can see from the daily AUD/USD chart below. The breakout of this support zone intensified the bearish pressure on AUD/USD – accelerating the active minor impulse wave 3.
The price might correct up to the resistance level 0.7550 – from where the pair is likely to reverse down toward the next strong support level 0.7450.