AUD/USD: buy target - 0.7100
By: Dmitriy Chernovolov
- AUD/USD reversed from pivotal support level 0.6940
- Next buy target - 0.7100
AUD/USD continues to rise after the recent upward reversal from the pivotal support level 0.6940 (which also previously reversed the pair twice in last September, as can be seen from the daily AUD/USD chart below). The support zone near the support level 0.6940 was strengthened by the lower daily Bollinger Band. The upward reversal from the support level 0.6940 completed the previous minor correction 2.
Given the oversold reading on the daily Stochastic indicator - AUD/USD is likely to rise further in the active minor impulse wave 3 toward the next buy target at the resistance level 0.7100 (previous monthly low from December).