AUD/USD: buy target - 0.7800
By: Dmitriy Chernovolov
- AUD/USD approached buy target 0.7700
- Next buy target - 0.7800
AUD/USD has been rising in the last few trading sessions inside the (b)-wave of the minor C-wave, which belongs to the intermediate ABC correction (2) from the middle of January. The active (b)-wave started earlier – when the price reversed up from the support zone lying between the support level 0.7500 and the 38.2% Fibonacci correction of the previous sharp upward impulse wave from the end of February.
AUD/USD today approached the resistance level 0.7700 (previous buy target set in our earlier forecast for this currency pair). If the price breaks above 0.7700 - AUD/USD can then rise to the next buy target at the next resistance level 0.7800 (target price for the completion of the active C-wave).