AUD/USD rising inside minor impulse wave (v)
By: Dmitriy Chernovolov
- AUD/USD rising inside minor impulse wave (v)
- Next buy targets – 0.7720 and 0.7800
AUD/USD continues to rise inside the minor impulse wave (v) - which started earlier – when the price reversed up from the support zone lying between the support level 0.7500 (which also previously stopped the earlier minor correction (ii)) and the 38.2% Fibonacci correction of the previous upward impulse from the end of February. The active impulse wave (v) belongs to the C-wave of the sharp intermediate ABC correction (2) from January.
AUD/USD is likely to rise further in the active impulse waves (v) and C toward the next buy target at the resistance level 0.7720 (top of the previous impulse (iii)) – the breakout of which can lead to further gains toward 0.7800 (intersecting with the resistance trendline of the daily up channel from January, which encloses the active wave (2)).