AUD/USD: buy targets - 0.7600 and 0.7700
By: Dmitriy Chernovolov
- AUD/USD reached buy target 0.7500
- Next buy targets - 0.7600 and 0.7700
AUD/USD recently broke up sharply through the resistance zone lying at the intersection for the resistance level 0.7500 (which was set as the buy target in our previous forecast for this currency pair) and the 50% Fibonacci retracement of the previous sharp extended downward impulse from last May. The breakout of this resistance zone accelerated the active minor impulse waves (iii) and 3 – both of which belong to the sharp intermediate (C)-wave from the middle of January.
AUD/USD is likely to rise further to the next buy targets - 0.7600 (former strong support from last June) and 0.7700. Strong support now stands at 0.7500.