AUD/USD: buy target - 0.7240
By: Dmitriy Chernovolov
- AUD/USD reversed from pivotal support level 0.7000
- Next buy target - 0.7240
AUD/USD recently reversed up sharply from the support zone lying between the pivotal support level 0.7000 and the 61.8% Fibonacci correction of the previous sharp minor impulse wave (i) from the middle of January. This is the third consecutive upward reversal from this support zone from the start of this month, as you can see from the daily AUD/USD chart below. The latest upward reversal from this support zone completed the previous minor correction (ii).
AUD/USD is likely to rise further from the current levels toward the next buy target at the resistance level 0.7240, which stopped the previous impulse wave (i) at the start of February.